Crypto & Forex September 22, 2026 0 Comments

BlackRock’s Bold Move into Mynt’s IPO Set to Shake Up the Philippines’ Market—Are You Ready for the Biggest Deal of the Decade?

Ever wondered what it takes for a IPO to shake an entire nation’s financial landscape? Well, buckle up—because Mynt Inc., the force behind the ubiquitous GCash, is about to show us just that, with BlackRock gearing up to back this historic launch. If all goes according to plan, this IPO could snag a staggering PHP 92.3 billion, or about $1.5 billion—making it the grandest public offering Manila has ever witnessed. It’s not every day that a deal of this magnitude surfaces in the Philippines, and the question on my mind is—what kind of ripple will this create in the fintech ocean? With powerhouse names like Morgan Stanley, J.P. Morgan, and UBS navigating the deal, and a powerhouse blend of telecom and international fintech backing the enterprise, it’s clear Mynt isn’t just playing for keeps—they’re aiming to dominate. So, what’s the secret sauce that’s driving explosive growth in users and revenue? And how will the strategic pivot towards lending reshape the company’s trajectory? Let’s dive into the numbers, the players, and what to watch as GCash prepares to write a new chapter in Philippine financial history. LEARN MORE

BlackRock is planning to buy shares in the initial public offering of Mynt Inc., the parent company of GCash, according to Bloomberg. If the deal hits its maximum target, it would be the largest IPO the Philippines has ever seen, raising as much as PHP 92.3 billion, roughly $1.5 billion.

The biggest deal Manila has seen

Mynt filed for its IPO on June 27, 2026, pricing shares at PHP 10 apiece. The offering comprises up to 8.03 billion common shares plus an additional 1.2 billion secondary shares being sold by existing investors.

The Philippine Securities and Exchange Commission gave its approval in early September 2026. The Philippine Stock Exchange followed suit on September 18, clearing the path for the offer period to begin in early-to-mid October, with listing expected around October 19-20 under the ticker GCASH.

The SEC also granted Mynt permission to proceed with a reduced minimum public float of 12%. Morgan Stanley, J.P. Morgan, and UBS are serving as joint global coordinators.

The IPO features a blend of primary shares, with proceeds earmarked for lending expansion and general corporate purposes, and secondary shares from existing shareholders looking to partially cash out.

GCash by the numbers

GCash reported approximately 39 to 40 million monthly active users drawn from 90 million total registered accounts. The platform facilitated PHP 17 trillion in payment transactions annually.

Mynt’s financial performance in 2025 tells the growth story clearly. Revenue hit PHP 79.8 billion, a 27% jump year-on-year. Net income reached PHP 17.2 billion, surging 56% compared to the prior year.

The company’s ownership structure reflects a mix of telecom, banking, and international fintech muscle. Globe Telecom holds approximately 34% of Mynt pre-offer. Ayala Corp., one of the Philippines’ oldest conglomerates, is also a major shareholder alongside Ant International (formerly Ant Financial, the Alibaba affiliate behind Alipay) and Japan’s MUFG Bank.

What to watch

The offer period is expected to kick off in early October 2026, with shares beginning to trade around October 19-20. At PHP 10 per share and a maximum raise of $1.5 billion, Mynt would be entering the market at a valuation that needs to be justified by continued growth in both users and lending revenue.

The lending expansion angle is particularly significant. GCash’s payments business is enormous by volume, and the primary use of IPO proceeds is consumer and small business lending, where the company can leverage its transaction data and user relationships to underwrite credit at scale.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.