Mynt Inc., the operator of the dominant mobile wallet GCash, is planning to raise as much as ₱87 billion ($1.5 billion) in an initial public offering (IPO) that would mark the largest corporate debut in the country’s history.

The financial technology firm plans to offer up to 9.23 billion shares, including an over-allotment option, priced at up to ₱10 each, according to Bloomberg News. The proposed share sale is a 13.8 percent stake in the company, surpassing the 12 percent minimum regulatory requirement for a listing of this scale.

At the maximum targeted amount, Mynt's IPO would eclipse the current record held by food manufacturer Monde Nissin Corp., which raised ₱48.6 billion ($1 billion) in 2021.

The unprecedented size of the float will test the depth of the local capital market, which has struggled with muted volumes and a dearth of major listings in recent years. Analysts note that a transaction of this magnitude will require significant global backing to succeed.

“This is a very big deal that immediately raises the bar in terms of execution and investor demand,” said Jonathan Ravelas, senior adviser at consultancy Reyes Tacandong & Co. “The local market simply hasn’t absorbed something of this size in recent years. While the ₱10 unit price makes it look accessible for retail buyers, the real issue is valuation. At roughly an ₱464 billion ($8 billion) implied valuation, investors will expect strong earnings visibility and sustained growth. This is no longer a startup premium story.”

Market observers are watching closely to see if the expanded fundraising target reflects robust early institutional interest or heightened capital requirements from the company.

April Tan, chief equity strategist at COL Financial Group Inc., said that if the decision to increase the deal size from an initial $1 billion target was driven by strong feedback from fund managers, it signals solid fundamentals. Because institutional investors will buy the bulk of the offering, strong cornerstone demand would mitigate execution risks.

The debut of a high-growth fintech champion could also provide a structural catalyst for the broader local equities market, which is heavily dominated by traditional property, banking, and conglomerate stocks.

“For the longest time, one of the issues that investors have had in the Philippines is that we are all traditional companies,” Tan said. “We have lacked the technology plays found in other markets. The listing of GCash changes that.”

If Mynt performs well post-listing and secures a spot in the benchmark Philippine Stock Exchange Index, it could trigger a wave of passive foreign inflows from institutional funds tracking the gauge, Tan added.

The float is also poised to unlock value for Mynt’s major corporate backers. Globe Telecom Inc. holds a 34 percent stake in the fintech firm, while Ayala Corp. owns 6.5 percent. Based on Mynt’s estimated ₱464 billion valuation, those holdings represent substantial balance-sheet value that has yet to be fully priced in by the market.

“A combination of foreign and domestic liquidity can absorb the offer size,” said Juan Paolo Colet, managing director at Chinabank Capital Corp. “As long as the valuation is reasonable and the fintech story remains bright, then this mega-IPO is well-positioned for a strong market debut.”

However, the sheer scale of the listing could temporarily crowd out other equities. Ravelas cautioned that the transaction risks draining liquidity from existing stocks and potentially delaying smaller IPOs in the pipeline if it is priced too aggressively.