GCash started as a way to move money through a phone. Its parent Mynt is now preparing for a public listing around a much broader financial platform. The IPO matters because it turns familiar app features—payments, savings, borrowing and investing—into parts of one business that public investors will have to value.1, 2, 3
GCash has expanded from payments into savings, credit, investing and other financial services. Its parent Mynt now has PSE approval for a proposed IPO of up to 8.03 billion firm shares at a preliminary maximum of PHP10 each. The 94 million figure is cumulative Filipinos who have used GCash, not monthly active users.1, 2, 3
The scale behind Mynt’s IPO process
Those numbers describe different things. Ninety-four million is a cumulative usage claim. The 8.03 billion figure is a proposed share count. PHP10 is a preliminary maximum price, not the final IPO price or Mynt’s revenue. Keeping the units separate prevents a large consumer number from being mistaken for a financial result.
The wallet has become a financial shelf
GCash says more than 9 million Filipinos have savings through GSave and more than 3 million are borrowers through GLoan, GGives and GCredit. It also reports 6 million merchants and social sellers on the app. Those figures show why “e-wallet” no longer describes the whole product.1
A payment wallet creates frequent customer contact. Mynt can then place lending, savings, investment and insurance products around that relationship. The business question is whether those adjacent services deepen economics and retention without making the product harder to manage or regulate.
The IPO contains both company capital and shareholder sales
The PSE says the proposed firm offering contains up to 1.61 billion primary shares and up to 6.42 billion secondary shares, plus an overallotment option of up to 1.20 billion additional secondary shares. Primary shares raise capital for Mynt. Secondary shares sell existing ownership. The same distinction appears in our Figma IPO cash-flow explainer.2
The PSE says Mynt intends to use primary-share proceeds for lending-capital requirements and general corporate purposes. That connects the financing directly to the broader platform strategy: lending needs capital in a way that a simple payment interface does not.2
The operating business was already producing meaningful earnings
Mynt said its attributable equity earnings to Globe reached PHP6.1 billion in 2025, up 64% year over year, as its payments and lending businesses grew. That is a company-reported earnings measure attributable to one shareholder, not Mynt’s total revenue or IPO proceeds.3
Approval is not the same as a completed IPO
The PSE approved the IPO application on September 18 and described an October book-building and offer timetable, with a tentative October 20 listing. The final offer price is still to be determined. Until pricing and listing occur, the PHP10 figure is a ceiling in the preliminary terms rather than the completed transaction price.2
What to watch as the offering progresses2, 1, 3
- Final offer price after book building, rather than the preliminary PHP10 maximum.
- Final primary-versus-secondary share mix and whether the overallotment option is used.
- How much primary capital Mynt actually receives after the offering is completed.
- Whether growth in lending, savings and investing makes GCash economics look materially different from a payments-only wallet.
GCash is interesting because the IPO is not simply putting a public ticker on a popular app. It is putting a financing and valuation process around an increasingly broad financial platform. The next useful numbers are the final terms and the economics behind those different services, not the biggest user count in isolation.
Sources and methodology
Sources checked September 24, 2026. Dates and periods for individual figures are stated beside them.
- GCash: corporate profile and platform scale ↗Accessed 2026-09-24
- Philippine Stock Exchange: PSE clears Mynt for IPO ↗Accessed 2026-09-24
- Mynt: 2025 payments and lending growth ↗Accessed 2026-09-24
Scope and assumptions
The 94 million figure is cumulative people who have used GCash, not monthly active users.
The IPO is proposed and the PHP10 price is preliminary; final pricing, proceeds and listing remain subject to the offering process.