GCash parent Mynt makes record-breaking $1 bn IPO debut
AgenciesThe parent company of Philippine digital payments giant GCash made its stock market debut in Manila on Tuesday after raising almost $1 billion in a record-breaking initial...
Mynt, the parent company of GCash, made its record-breaking IPO debut in Manila, raising nearly $1 billion on Tuesday, analysts said. The fintech giant's listing could greatly enhance the Philippines' fintech prominence, where over 40% of the population remains unbanked. GCash boasts more than 40 million active monthly users and provides payment, credit, savings, and bill management services via its popular mobile application. Mynt's shares opened 0.6% higher at 6.64 pesos, priced at 6.60 pesos upon listing.
Cristina Ulang, head of research at First Metro Investment Corporation, highlighted the IPO's significance for the Philippine economy and stock market. "This is a big IPO. We will now be on the map in terms of our position in ASEAN or the whole of Asia fintech landscape," she said. "GCash and Mynt will become the barometer of the Philippine digital economy."
GCash users can also engage in stock trading through GStocks PH, a service available on the app through AB Capital Securities. Around 140,725 GCash subscribers, many of them first-time investors, invested approximately 1.1 billion pesos in the IPO. President Ferdinand Marcos, who attended the market opening, commended the accessible nature of the listing for small shareholders, acknowledging that attracting fresh capital to the country has been a persistent challenge.
He emphasized that the timing of the listing is particularly significant, as the stock market requires renewed investor interest and broader participation.
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