Mynt Jumps 1.7% in Record Philippine IPO Despite Asian Tech Selloff
GCash operator Mynt rises 1.7% in its market debut following a record-breaking Philippine initial public offering raising billions. Read more.
POLICY WIRE — Manila and Hong Kong, Philippines — Shares of the financial technology company Mynt, which operates the popular mobile wallet platform GCash, climbed 1.7% during their market debut on Tuesday. The strong trading start followed a massive fundraising effort that brought in 60.9 billion pesos, equivalent to $966.99 million, in what stands as the largest initial public offering in the nation’s history.
The successful listing underscored robust market appetite for Mynt and its digital payments ecosystem. This demand persisted even as a wider downturn in artificial intelligence-related equities prompted investors to exercise greater caution toward emerging technology offerings.
Philippine Stock Exchange President and Chief Executive Officer Ramon highlighted the significance of the event in an official statement. It is a record and, more importantly, a statement of confidence in Mynt, in the Philippine economy and in the strength of our capital market, he noted.
Ahead of the debut, the enterprise confirmed that its final IPO price was locked at 6.60 pesos, or roughly $0.11 per share. This pricing established a total market valuation of P442 billion for Mynt, securing its position among the top three financial institutions in the country by market capitalization.
Originating as an SMS money-transfer service back in 2004, GCash has expanded rapidly over the decades. Its current valuation now outpaces established industry giants such as Metrobank, Globe, and Ayala Corp.
Reporting by Policy-Wire (PW)
