GCash has an IPO problem – and it’s a good one

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October 8, 2026 | 12:00am

MANILA, Philippines — Mynt Inc. president and CEO Martha Sazon shares the overwhelming excitement of many investors and the public on what is set to be the biggest initial public offering (IPO) in the country.

“Finally, it’s just a few sleeps away,” Sazon said, referring to the upcoming listing of Mynt, the parent company of e-wallet giant GCash, on the Philippine Stock Exchange on Oct. 20.

For Sazon, the highest-ranking Filipina executive on Fortune Magazine’s 100 Most Powerful Women in Asia for 2026, the GCash IPO is a way for the company to give back to the country that made it what it is today.

“We are a Filipino homegrown company. Proud to be Philippine company run by Filipinos, right? So it’s just right that we list in the Philippines,” Sazon said.

“We’re a national champion here, and therefore, we also want to give back to the country that has made us big. We want to help the investing public to also help grow their wealth. That’s part of our mission: financial inclusion and financial progress,” she said.

‘Pambansang IPO’

Sazon admitted that she is very happy with the buzz that the GCash IPO – dubbed as the Pambansang IPO by market observers – has created.

The IPO’s offer period kicked off last Tuesday, and demand was off the roof, with brokers asked by The STAR saying that the offering was already oversubscribed.

“I heard some platforms went down because of the traffic. That’s a good problem for all of us, right? Kesa naman walang bumibili,” Sazon said.

GSIS, SSS join the frenzy

BDO Capital & Investment Corp. president Eduardo Francisco said that the total demand they are seeing is exceeding historical demand for local IPOs, with institutions like the Government Service Insurance System and the Social Security System placing huge orders.

“It’s like it’s exceeding expectations,” Francisco said.

“I’m very happy because it’s more of a signal that Filipinos are investing. And then I’m hopeful also, because I’m sure this will do well, that this will have a spillover effect on the other stocks,” he added.

With the shares selling like hotcakes, Francisco said they are “fighting” for allocation to get more shares.

“When we’re in meetings, we really start fighting against each other. Outside, of course, we’re friends. But once we’re in the meeting room, that’s when the fight starts,” Francisco remarked.

“We want to secure shares for our customers, right? But it’s a good problem to have because demand is strong,” he said.

Mynt’s offer period will run until Oct. 12. At P6.60 per share and assuming overallotment options are exercised, the company’s total gross proceeds for the IPO could reach up to P60.93 billion.

Proceeds from the sale of its primary shares will be used by the company for digital financial services growth initiatives, product development and for general corporate purposes.

Mynt chief finance officer Evelyn Ng said the offer is structured to achieve two objectives – the first is to provide fresh capital for the company’s growth and expansion plans, and second is to create an opportunity for the Filipino investing public to own shares in the company.

“For perspective, so the 80 percent secondary shares would then allow public investors to access shares that were previously privately held. It is not a full exit of any of our shareholders,” Ng said.

“Our strategic shareholders, including Globe, Ayala, Ant and MUFG remain very much invested in the company and continue to believe strongly in the company’s growth prospects,” she said.

But even when the IPO is over and Mynt finally becomes a publicly-listed company, Sazon said their job at GCash is not done.

GCash will continue pursuing and strengthening its vision of “finance for all” or making financial services accessible and relevant to all walks of life.

“Our journey is far from over. Many still rely on cash for daily transactions and are hesitant to go digital. This reality is what will shape what’s next for GCash. The future of finance for all. A future where every Filipino has access to financial services,” Sazon said.