$1.5 billion GCash IPO: How Filipinos, OFWs can buy into country’s biggest shares offer

MANILA: The Philippines’ most anticipated stock-market debut has cleared a major regulatory hurdle, opening the door for ordinary Filipinos to become shareholders of the company behind GCash.

The Securities and Exchange Commission (SEC) has approved on September 3 the registration statement of Mynt, the parent firm behind GCash, for an initial public offering (IPO) that could be worth as much as ₱92.32 billion ($1.5 billion), equivalent . 

The deal is set to become the largest IPO in Philippine history, surpassing the ₱55.89-billion offering of Monde Nissin in 2021. 

The IPO is also breaking new ground for Philippine capital markets. Normally, large companies seeking to list must meet a higher public-float requirement.

But Mynt successfully sought a 12% minimum initial public float, below the standard 15%, under the SEC's new rules for companies with exceptionally large expected market capitalisations.

The SEC said Mynt’s expected initial market cap of ₱668.96 billion ($10.66 billion) stands well above the ₱200-billion threshold under Memorandum Circular No. 11, Series of 2026.

That means Mynt will become the first Philippine issuer to use this newly-eased public-float framework.

Mynt plans to offer up to 1.61 billion new shares, while a selling shareholder will offer as many as 6.42 billion existing shares. 

An additional 1.20 billion shares may be made available through an overallotment option.

The maximum offer price is ₱10/share. If the overallotment option is fully exercised, the total offer could reach ₱92.32 billion (about $1.47 billion), while Mynt expects to receive about ₱14.95 billion in net proceeds from the primary offering. 

The money will be used to expand its digital financial services, develop products and fund general corporate purposes.

Mynt is not simply another tech company going public. It owns GCash, which has evolved from a mobile-money service into one of the Philippines' most widely used financial platforms.

GCash began in 2004 as an SMS-based electronic money transfer service. It has since expanded into payments, remittances, savings, investments, insurance, lending and other financial services.

By the end of 2023, more than 94 million Filipinos had tried GCash, according to Mynt.

That enormous user base is one reason investors have treated Mynt differently from a conventional start-up.

A unicorn is a privately held start-up valued at at least $1 billion.

Mynt crossed that threshold and became the Philippines' first — and, at the time, only — $5-billion unicorn after securing fresh investments from Ayala Corp. and Mitsubishi UFJ Financial Group (MUFG) in 2024.

The transaction more than doubled Mynt's previous $2-billion valuation in 2021 to $5 billion.

That valuation is now dwarfed by the value investors are being asked to assign to the company at its IPO.

Mynt's expected initial market capitalisation is approximately ₱668.96 billion, equivalent to roughly $10.7 billion at the exchange rate used in the SEC reporting.

In other words, Mynt is attempting to go public at more than twice its 2024 private-market valuation.

This is the question many GCash users, including overseas Filipino workers (OFWs) are asking. The important point is that you do not buy the IPO directly through the GCash app.

You buy shares through the Philippine capital-market infrastructure.

Step #1: Have a stockbroker account

You need an account with a PSE-accredited stockbroker, either an online broker or a traditional brokerage.

The PSE says investors must first choose an accredited trading participant and open an account, after completing the broker's requirements and KYC procedures.

If you already have an online Philippine stock-trading account, you may already have what you need.

Step #2: Register for PSE EASy if you want to participate as a Local Small Investor

For retail investors, the key platform to watch is PSE EASy — the PSE Electronic Allocation System.

The platform was created specifically to allow Local Small Investors (LSIs) to subscribe to IPOs and follow-on offerings electronically.

Registration requires information such as a valid government ID, TIN and details of your stockbroker.

Step #3: Watch the final IPO price

The ₱10 figure is the maximum offer price, not necessarily the final price.

Mynt's prospectus timetable sets Oct. 1 as the pricing date, with notification of the final offer price to the PSE and SEC on Oct. 2.

So investors should wait for the final offer price before calculating how much money they need.

Step #4: Subscribe during the offer period

The current schedule gives investors an offer window of Oct. 6–12.

Through PSE EASy, eligible local small investors can submit their subscription and make payment electronically. PSE says its system supports online payment, although over-the-counter bank payment remains available.

Step #5: Don't assume you'll receive all the shares you request

This is particularly important.

If demand exceeds the shares allocated to retail investors, your subscription may be scaled back.

For example, requesting 10,000 shares does not necessarily mean you will receive 10,000 shares.

Your actual allocation depends on the IPO's rules, available shares and investor demand.

Step #6: After listing, GCASH becomes a normal traded stock

Once the shares begin trading on Oct. 20, investors will be able to buy or sell GCASH through the normal PSE trading system, subject to market prices and broker requirements.

The price could be above or below the IPO price. That is an important distinction: getting shares in the IPO does not guarantee a profit.

If the final IPO price is ₱10, the basic calculation is straightforward: 100 shares would cost ₱1,000; 10,000 shares would cost ₱100,000.

However, the minimum subscription and allocation rules for the Mynt IPO should be checked in the final prospectus and PSE EASy offering details before placing an order.

Investors should also account for applicable transaction charges.

For ordinary PSE trades, the exchange notes that brokerage commissions vary by broker, while PSE and clearing fees also apply.

The attraction for investors is not simply the GCash wallet. Mynt operates a broader financial ecosystem.

GCash has expanded from payments into:

• GCash Wallet — digital payments and money transfers

• GSave — savings products

• GInvest — investment products

• GCredit — credit facilities

• GLoan — personal lending

• GInsure — insurance

• merchant and business-payment services

• remittances and other financial services

That gives Mynt multiple potential sources of revenue from an existing customer base.

The company's strategy is essentially to turn a digital wallet into a one-stop financial platform.

Mynt itself describes GCash as the Philippines' largest digital cashless ecosystem and says its business is focused on financial inclusion.

The GCash name gives Mynt an enormous consumer advantage. But investors buying GCASH shares are buying Mynt's future earnings and growth prospects, not simply the popularity of the GCash app.

The IPO therefore comes with the usual risks of buying shares in a high-growth company.

A popular product does not automatically make a stock a good investment.

Investors should examine Mynt's prospectus for its revenue, profitability, expenses, outstanding shares, risks, competitive environment, related-party transactions and intended use of IPO proceeds before subscribing.

There is also an important distinction between the primary and secondary portions of the offering.

Only the primary shares raise new capital for Mynt. Shares sold by existing shareholders represent secondary sales, with the proceeds going to those selling shareholders rather than directly to the company.

Of the potential 8.03 billion shares in the base offer, only up to 1.61 billion are new shares, while up to 6.42 billion are being sold by an existing shareholder.

Sept. 3: SEC approval
Oct. 1: IPO pricing
Oct. 2: Final offer price disclosed
Oct. 6–12: Public offer period
Oct. 20: Target PSE listing under GCASH

The PSE says the normal IPO process involves registration with the SEC, PSE approval, book-building, the offer period, allocation and settlement before the shares begin trading.

For millions of Filipinos who use GCash every day, the October listing will create something unprecedented:

They will no longer merely use GCash. They could become shareholders in the company behind it.