It’s Finally Happening: Mynt’s IPO is Coming

Local fintech giant Mynt, Inc., which is the company behind GCash, is moving closer to what could become the most significant initial public offering (IPO) in the country’s history.

On Wednesday (June 17), both Ayala Corporation and Globe Telecom confirmed that their respective boards had approved the filing of a registration statement with the Securities and Exchange Commission (SEC) and a listing application with the Philippine Stock Exchange (PSE) for Mynt’s planned IPO.

The offer, which is still subject to market conditions and regulatory approvals, is expected to cover approximately 12 percent of Mynt’s outstanding common shares post-listing, with a mix of primary and secondary shares.

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While final pricing and timing remain undisclosed, the structure alone signals a transaction of considerable scale. Mynt is expected to appoint a full roster of underwriters, advisors, and agents, underscoring the complexity—and ambition—of the deal.

Mynt’s rise has been closely tied to the rapid growth of GCash, which began as a simple mobile money service under Globe Telecom in the early 2000s. Over the past decade, however, it has evolved into a full-fledged financial “super app,” offering payments, remittances, savings, lending, insurance, and even investment products.

Strategic backing from Ayala Corporation, Globe, and international partners such as Mitsubishi Corporation (via AM50 Ventures) has helped fuel its expansion. Today, GCash is arguably the Philippines’ leading fintech platform, with the most recent estimates placing its user base at roughly 94 million. That translates to about 8 in 10 Filipinos.

The company’s scale reflects a broader shift in Filipino consumer behavior, veering away from cash and toward digital finance that was accelerated by the pandemic and sustained by increasing smartphone penetration.

Market observers have long anticipated Mynt’s public debut, but the latest disclosures bring the prospect into sharper focus. If executed successfully, the IPO could surpass previous landmark listings on the PSE in both size and impact.

The offering also represents a test of investor appetite for high-growth, technology-driven companies in the Philippine market. Historically dominated by conglomerates, banks, and property firms, the PSE has had relatively few large-scale listings from the digital economy.

In 2025, only two companies successfully went public: Topline Business Development Corp in April, and Maynilad Water Services Inc. in November. No company has officially completed their IPO this year.

This is part of the reason why Mynt’s IPO is being closely watched.

Analysts have said that Mynt’s move to open its ownership to public investors would not only unlock value for its existing shareholders but also provide a benchmark for valuing fintech firms in Southeast Asia. It may also encourage other technology startups in the region to consider the Philippines as a viable listing venue, rather than looking overseas.

Beyond its sheer size, Mynt’s planned IPO also signals the maturation of the Philippine fintech sector and highlights the growing importance of digital financial services in the country’s economic landscape. For investors, it presents an opportunity to tap into the market-leading platform embedded in the daily financial lives of millions of Filipinos.

For Ayala and Globe, the listing also cements the value of one of their most successful ventures.