Big IPO, big bonus: GCash employees get their own payday

Mynt, the parent company of the Philippines’ leading electronic wallet GCash, concluded the largest initial public offering in the nation’s history on Tuesday, October 20. The fintech firm raised a total of 60.9 billion pesos, approximately 967 million dollars, through the sale of 9.23 billion shares. The stock began trading on the Philippine Stock Exchange under the symbol GCASH, opening at 6.63 pesos per share compared to the offer price of 6.60 pesos. By 10:30 a.m., one hour after the listing, the share price had climbed to 6.73 pesos, representing a two percent increase over the issue price. This record-setting debut surpasses the previous national high set by Monde Nissin in 2021, establishing Mynt as the seventh-largest domestic company on the exchange with a market capitalization of 441.5 billion pesos, or roughly seven billion dollars. President Ferdinand Marcos Jr. attended the ceremony at the Philippine Stock Exchange tower to ring the opening bell. He described the listing as a milestone for Philippine finance, emphasizing that electronic wallets have become essential to everyday transactions, particularly following the pandemic. Marcos acknowledged that investors have grown cautious and that attracting fresh capital remains a challenge, but he stated that the strong interest from local and international investors provides reason for optimism regarding confidence in Filipino enterprise. Despite the massive individual deal, the broader market remained subdued, with the benchmark PSE index ending the day near the 5,800 level, a point similar to where it stood at the close of 2012. The structure of the offering included both primary and secondary shares. Of the total 60.9 billion pesos raised, 10.6 billion pesos represented fresh capital entering the company, while the remaining 50.3 billion pesos came from secondary shares sold by existing investors. Approximately 1.1 billion pesos of the subscription amount originated directly from users within the GCash application. Investor demand significantly exceeded supply, with stockbrokers placing orders for more than 2.65 billion shares against an allocation of 1.6 billion shares, resulting in a subscription rate of 165.5 percent. The deal initially stood at 53 billion pesos before the full exercise of the overallotment option expanded the size to the final record figure. Demand for the shares was bolstered by a group of more than 20 cornerstone investors who committed approximately 500 million dollars, accounting for nearly 60 percent of the base deal. These institutional backers included global names such as BlackRock, Citadel, Fidelity International, and the International Finance Corporation. Mynt’s investor relations head, Jep Tang, noted that the team spent three months courting potential buyers. Following the filing of the registration statement, the company met with 137 investors, conducted 213 follow-up meetings, and held another 110 sessions during the final round of roadshows. Mynt, which is backed by Globe Telecom, Ant Group, and Ayala Corp, operates GCash, the country’s largest finance app. The platform currently serves 41.5 million monthly active users, a figure that represents nearly 56 percent of the Philippines’ adult population. In the first half of 2026, users completed payment transactions totaling 9.84 trillion pesos. Financial results for the six-month period ended June 30 showed net income of 10.82 billion pesos, a 7.3 percent increase from the prior year, while revenue rose 10.4 percent to 43.27 billion pesos. Martha Sazon, president and CEO of Mynt, stated that the company intends to utilize a significant portion of the IPO proceeds to transform from a simple e-wallet into a comprehensive financial platform. The expansion plans include integrating savings, loans, insurance, and investment products into the existing ecosystem. She highlighted that nearly 90 percent of GCash’s customer base consists of individuals from low-to-middle-income households. Sazon remarked that what began as an SMS-based money transfer service has evolved into a tool integral to the daily lives of millions of Filipinos. The listing reflects a broader shift toward digital payments in the economy. Data from the Bangko Sentral ng Pilipinas indicates that digital transactions accounted for 64.7 percent of retail payments by volume in 2025, up from 57.4 percent in 2024. Additionally, a 2026 Credit Perception Index by TransUnion found that nearly half of all Filipinos reported beginning their financial journeys with an e-wallet. Celebrations extended beyond the trading floor to Mynt’s internal teams. Sources indicated that employees received a prorated bonus of 100,000 pesos, deposited directly into their personal GCash wallets. The payout reportedly covered staff across all ranks within the company’s workforce of nearly 2,600 employees. While many staff members could not attend the physical event at the PSE tower, they gathered at the company’s office in the Bonifacio Global City area to watch the proceedings live. Prominent figures in Philippine business and government lined the stage for the bell-ringing ritual. Attendees included Ayala Corp directors Jaime Augusto Zobel de Ayala and Fernando Zobel de Ayala, along with Ayala CEO Bong Consing. Other notable guests included Mynt Chairman Ernest Cu, Chief Financial Officer Evelyn Ng, PSE Chairman Jose Pardo, PSE President Ramon Monzon, and PSE Director Vivian Yuchengco. Government officials present were Finance Secretary Frederick Go, Securities and Exchange Commission Chairman Francis Lim, and Monetary Board member Romeo Bernardo. Former Transportation Secretary Jaime Bautista, now a San Miguel director, and BPI head TG Limcaoco also participated in the event.