Leading e-wallet GCash will sell up to 13.8 percent of its outstanding stock on the Philippine Stock Exchange (PSE) to raise as much as ₱92.3 billion, in what could potentially be the country’s largest public listing ever.

GCash parent company Mynt Inc. announced that it filed an application to list on the PSE alongside a registration statement with the Securities and Exchange Commission (SEC) for its proposed initial public offering (IPO).

The company plans to offer 8.03 billion common shares, with an overallotment option of up to 1.20 billion secondary common shares, at a preliminary price of ₱10 per share.

This is expected to raise gross proceeds of up to ₱92.3 billion, shattering the record set by food manufacturer Monde Nissin Corp., which raised ₱48.6 billion in 2021.

Mynt plans to launch the offering in the fourth quarter of the year, subject to prevailing market conditions. Upon completion, the public will own approximately 13.8 percent of the company.

According to its prospectus, Mynt intends to use the net proceeds from the IPO to fund the expansion of CreditTech, its lending arm that provides credit access to millions of borrowers. Proceeds will also be allocated for product development, cash reserves, and general corporate purposes.

The company has tapped Morgan Stanley & Co. International plc, J.P. Morgan Securities, and UBS AG Singapore Branch to act as Joint Global Coordinators, while Jefferies Singapore Ltd. will serve as the international joint bookrunner.

Meanwhile, BPI Capital Corp. and BDO Capital & Investment Corp. have been appointed as the domestic lead underwriters and joint bookrunners for the proposed offering.

Martha Sazon, president and chief executive officer (CEO) of Mynt, said the public listing represents the next step for the company as it works to further expand the reach of its financial services.

“As we embark on the next chapter of Mynt, our mission remains steadfast: to reach and serve millions more Filipinos, drive continuous innovation, and ensure that everyone is safely, securely, and meaningfully included in the digital economy,” Sazon said.

Over the past decade, Sazon noted that GCash has positioned itself as the dominant player in the country’s digital finance sector, commanding a total of 40.4 million monthly active users.

Driven by strong demand, Mynt’s net income rose by more than half to ₱17.25 billion in 2025, up from ₱11.13 billion the previous year. The company accounted for ₱6.1 billion—or around 22 percent—of the pre-tax income of its largest shareholder, Globe Telecom Inc., which holds a 33.8 percent stake.

Mynt maintains its upward trajectory this year, with first-quarter earnings jumping by nearly a quarter to ₱5.6 billion from ₱4.52 billion a year ago.

Apart from Globe, other major investors in Mynt include Ayala Corp., Tokyo-based Mitsubishi UFJ Financial Group (MUFG), and Singapore-headquartered Ant International.