Mynt, the company behind the Philippines’ dominant mobile wallet GCash, has filed for an initial public offering on the Philippine Stock Exchange that could raise up to PHP 92.3 billion, or about $1.5 billion.

The GCash IPO could become the country’s largest-ever listing, Reuters reported.

The fintech submitted its registration statement to the Securities and Exchange Commission and its application for a main board listing on 27 June 2026, with the offer targeted for the fourth quarter.

“Over the past decade, Mynt has evolved from an e-wallet operator into the Philippines’ number one finance superapp and largest cashless ecosystem,” said Martha Sazon, president and chief executive of Mynt.

Mynt has pencilled in a tentative debut of 30 October 2026, subject to regulatory approval and market conditions.

The base offer covers up to 8.03 billion shares, split between 1.61 billion new primary shares and 6.42 billion secondary shares from existing shareholders, with an overallotment option of up to 1.2 billion additional shares.

Priced at a maximum of PHP 10 per share, the deal would value Mynt at roughly $8 billion and could surpass Monde Nissin’s 2021 listing, the current Philippine record.

Mynt’s next stage of growth

“The authorisation of our board and shareholders allows us to work toward a potential public listing as the next step in Mynt’s growth journey, while continuing to focus on the priorities that have brought us to this point: serving customers, supporting merchants, strengthening our platform offering and building the business for the long term,” Sazon said.

Shares in Globe Telecom, Mynt’s largest shareholder with a stake of about 34%, climbed 6.94% to PHP 1,925 on Monday following the filing. Ayala Corporation gained 2.37%, with both companies outperforming the benchmark index.

Ant Group holds a comparable 33% stake, while MUFG Bank and private equity firms Warburg Pincus and Bow Wave are among Mynt’s other shareholders.

Around 80% of the base offer comprises secondary shares, meaning most of the proceeds would go to existing shareholders rather than the company.

Mynt has earmarked about PHP 14.9 billion in primary proceeds for lending, cash reserves and product development.

GCash recorded 39.1 million monthly active users in 2025 and processed PHP 17 trillion in payment value during the year.

Mynt posted PHP 79.8 billion in revenue and PHP 17.2 billion in net income over the period. First-quarter transaction value rose 23.2% year on year to PHP 4.75 trillion in 2026.

Its Fuse lending arm has disbursed PHP 362 billion to date, up 65% from the previous year.

From e-wallet to finance superapp

Mynt was founded in 2015, while GCash began as an SMS-based domestic money remittance service in 2004. The platform has since expanded across payments, lending and other digital financial services for consumers, merchants and businesses.

The listing comes as the Philippine stock market contends with low trading volumes and a run of delistings. Regulators have also relaxed minimum public float requirements in an effort to attract large issuers.

Sazon said she hoped Mynt’s journey would inspire more Filipino companies and startups, while promoting the Philippines as a technology and fintech hub in Southeast Asia.

Morgan Stanley, JPMorgan and UBS are acting as joint global coordinators. Jefferies, BPI Capital and BDO Capital are also working on the proposed deal.