Mynt lists in Manila after raising PHP 60.9B ($965M) in the Philippines' largest IPO, valuing the GCash owner at about $7B, and earmarks $90M for lending

What is new: Mynt lists in Manila after raising PHP 60.9B ($965M) in the Philippines' largest IPO, valuing the GCash owner at about $7B, and earmarks $90M for lending

Mynt, the owner of e-wallet GCash, began trading on 20 October after raising PHP 60.9 billion, about $965 million, in the largest initial public offering in Philippine history. Shares rose as high as PHP 6.76 before closing at the PHP 6.60 offer price, valuing the company at roughly PHP 442 billion, around $7 billion.

Mynt plans to put PHP 5.65 billion, about $90 million or 60% of net proceeds, into lending over three years, with PHP 1.88 billion for product development. First-half 2026 net income rose 7.3% to PHP 10.82 billion on revenue up 10.4% to PHP 43.27 billion.

GCash has about 41.5 million monthly active users and processed PHP 9.8 trillion of transactions in the first half, up 23%; its credit portfolio is PHP 70.5 billion with a 4.9% non-performing loan ratio. Capital markets head Joseph Samuel Tang said the company is weighing a move into digital banking.