GCash shares rise 2.4% in market debut

Shares of Mynt Inc., the parent firm of e-wallet GCash, climbed by as much as 2.4% from its IPO price of 6.60 pesos (US$0.11) to 6.76 pesos (US$0.11) after it began trading on the Philippine Stock Exchange (PSE).

“It was a good open,” Joseph Samuel Tang, Mynt’s head of investor relations, said in a post-listing press conference. “This kind of stability [and] market acceptance is something that we are happy and thankful for. It all leads back to the process and us having a stable hook and a well-informed price.”

Image credit: Ulla

With stock allocations for trading participants 160% oversubscribed, Mynt could raise as much as 60.9 billion pesos (US$965.6 million) by market close.

Mynt’s IPO is the largest-ever recorded for the PSE and “a significant catalyst for the Philippine equities market,” according to PSE president Ramon S. Monzon.

“By renewing the confidence of domestic and international investors, it demonstrates the value that a listing on the exchange offers to a company of every size,” Monzon said at the bell-ringing ceremony.

Mynt is the Philippines’ largest e-wallet operator, with GCash logging 41.5 million active monthly users as of June 2026. Its bread and butter remains its payments services, where it earns fees based on transfers through GCash and payment processing for businesses.

The firm is banking on its digital financial services business – which includes lending, wealth, and insurance products – to drive growth after listing. IPO proceeds are set to fund the expansion of this unit.

Analysts expect GCash’s listing to revive the PSE, once deemed the world’s worst performing market. In the past year, the exchange has seen a slew of delistings, challenged with low liquidity as Philippine peso plunged to record lows in recent months.

Many are optimistic that GCash’s IPO can pave the way for other possible tech-related listings for the embattled stock market.

Vitro Inc. was planning to debut at the PSE this month, but the data center operator pushed back its IPO to next year, citing market conditions. Digital bank Maya is also looking to go public in 2027, though it has not committed to a listing venue.

See also: GCash trims IPO ambitions to meet market realities

Currency converted from Philippine peso to US dollar: US$1 = 63 pesos.