Mynt plans to file for a Philippine IPO as early as July, targeting at least an $8 billion valuation and about $1 billion in proceeds, with the listing potentially coming later this year.
February rule changes unlocked the deal: the SEC cut the minimum public float for large issuers to 15% from 20%, with relief down to 12% for exceptionally large listings, reducing dilution for existing shareholders.
A $1 billion offering would rival Monde Nissin's 2021 deal as the Philippines' biggest IPO, though timing, size and valuation could still shift with market conditions and regulatory approvals.
GCash gives Mynt broad scale ahead of the float, with 94 million users in the Philippines, while the company was last valued at $5 billion in 2024 after investments from Ayala and MUFG.
With a record $8B valuation, is GCash's IPO a golden opportunity or a bubble poised to burst for investors?
Following Ant Group's playbook, is GCash building a financial super-app or a data monopoly over 94 million Filipinos?
GCash’s $8B IPO Delay: How Market Weakness and New SEC Rules Are Shaping Philippine Tech’s Biggest Listing
Overview
GCash has decided to delay its highly anticipated IPO to the second half of 2026, shifting from its earlier 2025 target. This strategic move is driven by weak market sentiment and a significant drop in the Philippine Stock Exchange Index over the past year. By waiting, GCash aims to avoid undervaluation and secure a stronger market debut when conditions improve. The decision is informed by recent global fintech IPOs, such as Agibank’s US listing, which suffered after cutting its deal size and price, leading to a sharp stock decline. GCash’s approach highlights its focus on timing and maximizing fundraising potential.