The planned initial public offering of Mynt, the parent company of GCash, has received a major boost from the International Finance Corporation, or IFC. The World Bank Group’s private-sector arm plans to invest about $70 million, or PHP 4.4 billion, as a cornerstone investor in Mynt’s IPO. The news came on September 24, 2026, as the Philippine fintech company moved closer to its planned stock market debut.
IFC plans to make the investment from its own account through common shares in Mynt. The proposed investment is part of the company’s wider effort to attract large global institutions before its public share sale. The investment is still subject to the required approvals and other conditions related to the transaction.
The development matters because Mynt is preparing what could become one of the biggest IPOs in Philippine history. The company operates GCash, one of the Philippines’ largest digital finance platforms. Its services cover payments, savings, credit, investments, insurance and other financial products.
More Than 20 Investors Back the IPO
IFC is not the only major institution that has shown interest in Mynt. The company said it has secured commitments from more than 20 global and domestic cornerstone investors.
The group includes some of the biggest names in global asset management. These include BlackRock, Capital Research and Management Company, FIL Investment Management, HSBC Global Asset Management, Lazard Asset Management, Schroder Investment Management, T. Rowe Price and Surveyor Capital, among others. IFC is also part of this group.
Several Philippine institutions have also agreed to take part. They include ATRAM Trust Corporation, BPI Asset Management and Trust Corporation, China Bank Capital Corporation, Metrobank Bank & Trust Company, Philequity Management and RCBC Capital Corporation.
Mynt said the commitments from the cornerstone investors would cover about the entire institutional offer tranche, subject to any change in the allocation between different parts of the offer. The company also said this could represent the largest number of cornerstone investors for a Philippine IPO to date, subject to final pricing and completion of the deal.
What Is a Cornerstone Investor?
A cornerstone investor is a large institution that agrees to buy shares in an IPO before the wider public offer takes place. Such investors can give a company an early base of demand for its shares.
For Mynt, the participation of large international investment firms provides an important part of the IPO structure. These investors have committed to the deal before the final offer price is set.
According to a preliminary prospectus cited by Reuters, cornerstone investors have agreed to buy about PHP 36.5 billion worth of shares. Their commitments would account for about 68.8% of the shares on offer, excluding shares that may be sold under the overallotment option.
This does not mean that the final IPO price has been fixed. The final price will come after the book-building process. Mynt expects to determine the final offer price on October 1, 2026.
The IPO Could Raise Up to $1.3 Billion
Mynt plans to offer up to 8.03 billion shares at a maximum indicative price of PHP 10 per share. The offer has both primary and secondary shares.
The primary portion will provide fresh capital to Mynt. The secondary portion will allow existing shareholders to sell part of their holdings. There is also an overallotment option for up to 1.20 billion additional secondary shares.
At the maximum price, the base offer could raise about PHP 80.3 billion, or roughly $1.3 billion. If the overallotment option is fully used, the total transaction could reach about PHP 92.3 billion.
At the maximum indicative price, Mynt could have a market value of about PHP 669 billion. That would place the company among the largest listed firms in the Philippines by market value.
The final valuation, however, will depend on the final offer price and the number of shares sold.
Why IFC Wants to Join Mynt
IFC said its proposed investment aims to support Mynt’s expansion of digital financial services. The focus includes services for people and businesses that have limited access to traditional financial products.
A key area is lending. Mynt has a digital lending business through Fuse Financing, which forms part of its wider financial services platform. The new capital from the primary share sale can support this business, along with product development and other corporate needs.
IFC also said its investment would help support financial services for micro, small and medium enterprises, often called MSMEs. These businesses are an important part of the Philippine economy, but many face challenges when they seek formal financial services.
The IFC investment therefore goes beyond the IPO itself. It fits with the organisation’s broader focus on private-sector development and access to finance.
GCash Has a Large User Base
Mynt’s main business is GCash, a digital finance platform with a large user base across the Philippines.
According to data cited by Fintech News Philippines, GCash had an average of 41.5 million monthly active users during the three months to June 2026. That was equal to about 56% of Filipino adults.
The scale of this user base is central to the IPO story. GCash started as a mobile wallet, but its business has expanded far beyond basic payments.
Users can access several financial services through the platform. These include payments, savings, investments, credit and insurance. This wider range of products allows Mynt to build more services around its existing customer base.
The company has described GCash as a finance super app. Its IPO documents also focus on the growth of digital finance and the opportunity to provide more financial products to consumers and businesses.
Where the New Money Will Go
The fresh capital from the IPO is expected to support the continued expansion of Mynt’s digital financial services.
The company has said that the proceeds from the primary shares will be used for digital financial services expansion, product development and general corporate purposes.
This means the IPO is not only about giving existing shareholders a public market for their shares. A part of the transaction will also bring new capital into the company.
That capital could help Mynt develop new products and expand its existing financial services. The company has also identified lending and other digital finance areas as part of its growth plans.
The Philippines IPO Market Gets a Major Deal
The size of the Mynt IPO has also drawn attention because the Philippine equity market has had a relatively small volume of new share sales this year.
Reuters reported that Philippine companies had raised only about $227.1 million through equity capital markets deals so far in 2026, based on LSEG data. A Mynt IPO of up to $1.3 billion would therefore be much larger than the amount raised through such deals across the market earlier in the year.
If the deal reaches the maximum base size, it would also exceed the PHP 55.89 billion IPO of Monde Nissin in 2021, which has been one of the largest Philippine IPOs.
The final size will depend on the final offer price, the number of shares sold and whether the overallotment option is used.
When Will the IPO Take Place?
Mynt has already received key approvals for the proposed listing. The Philippine Stock Exchange has approved the company’s application to list its common shares on the Main Board under the ticker GCASH.
The company also received a pre-effective approval letter from the Philippine Securities and Exchange Commission. Mynt has now filed its Red Herring Prospectus as the IPO process moves toward the final price and public offer.
The expected timeline has the final offer price set on October 1, 2026 after the book-building process. The public offer is scheduled for October 6 to October 12. Trading on the Philippine Stock Exchange is expected to start on October 20, subject to the final requirements.
These dates remain subject to the applicable regulatory, listing and market conditions.
A Wider Institutional Base for Mynt
The list of cornerstone investors gives Mynt a broad mix of international and domestic institutions.
Global investors include some of the world’s major asset managers. At the same time, Philippine financial institutions also have a place in the deal. Mynt said the group would help broaden its institutional shareholder base after the listing.
For a company that is about to enter the public market, this wider shareholder base can become an important part of its next phase.
Mynt’s existing shareholders include major corporate groups such as Globe Telecom, Ant International, Ayala Corporation through AM 50 Ventures and Mitsubishi UFJ Financial Group.
The IPO will therefore bring a mix of existing owners, new institutional investors and public market investors into the company’s ownership structure.
What Happens Next
The next major step is the book-building process. This will help determine the final price that investors pay for Mynt shares.
The current maximum indicative price is PHP 10 per share, but this should not be treated as the final IPO price. Mynt expects to announce the final offer price on October 1.
After that, the public offer is set to take place from October 6 to October 12. If the timetable stays on course, Mynt shares could start trade on the Philippine Stock Exchange on October 20.
The proposed $70 million IFC investment adds another major institution to an already large group of cornerstone investors. More than 20 global and domestic institutions have committed to the IPO, while Mynt has received the key exchange and regulatory approvals needed for the next stage.
For Mynt, the IPO represents a major step from a privately held fintech company toward life as a public company. For the Philippine market, the proposed transaction could become one of its largest share sales to date. The final outcome will depend on the offer price, investor demand, final share allocation and completion of the remaining requirements.
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