Mynt, the operator of GCash, is seeking up to P92.32 billion in an IPO that would be the largest in Philippine Stock Exchange history if priced at the top, according to The Manila Times. The PSE approved the listing on September 18, and shares are set to trade under the ticker GCASH on October 20, 2026.
The offer is up to 9.23 billion shares at a maximum of P10 each: a base of 8.03 billion (1.61 billion new, 6.42 billion existing shares) plus a 1.2 billion-share overallotment option. Only the new shares raise money for the company, about P14.95 billion net, earmarked for expansion, product development and general corporate use. If priced at the maximum, it would surpass Monde Nissin's P55.89 billion IPO in 2021.
The CEO behind it: Martha Sazon
Martha Sazon is president and CEO of GCash and a management shareholder who is keeping her stake through the IPO. She joined Mynt in 2020 during the COVID-19 pandemic after senior roles at Globe Telecom, where she oversaw broadband, postpaid mobile and enterprise services, according to Bilyonaryo. Under her leadership GCash grew from an e-wallet into a super app covering payments, remittances, lending, savings, investments and insurance. The report adds that most of the leadership team will hold meaningful stakes after listing.
On September 23, 2026, Sazon spoke at the UN Global Compact Leaders Summit in New York, pitching the idea of letting Filipinos "borrow with dignity," Philstar reported. Her line: "When people are seen, they can be trusted. And when they are trusted, they can be empowered." She said only 12% of Filipinos have formal borrowing access while 40% rely on informal financing, and that responsible inclusion means borrowers understand loan terms, repayment capacity is assessed, and predatory lending is avoided. The talk came the same week Mynt announced P36.5 billion in cornerstone commitments.
Philstar cites over 11 million GCash borrowers, about half of them women from underserved communities. DitoSaPilipinas puts borrowers at 7.5 million, so confirm the figure against Mynt's prospectus before publishing.
Philippines: what to know about the GCash offer
GCash has 41.5 million monthly active users, about 56% of Philippine adults, plus 7.5 million borrowers, 17.9 million savings accounts and 9.2 million investment fund accounts, per DitoSaPilipinas. Retail investors can subscribe through G-Stock inside the GCash app.
Date (2026) | Milestone |
|---|---|
Sept 18 | PSE approves the listing |
Oct 1 | Final offer price set through book-building |
Oct 6–12 | Public offer period |
Oct 20 | Trading debut, ticker GCASH |
Cornerstone commitments total about P36.5 billion from 20+ institutions, including BlackRock, Fidelity, the International Finance Corporation, HSBC Global Asset Management and Capital Research. P10 is only the ceiling: some funds reportedly targeted P6.50, and PSE President Ramon Monzon noted that past IPOs typically priced at 70% to 72% of their maximum. Underwriters include BPI Capital, BDO Capital, Jefferies, CLSA and HSBC.