BlackRock poised to invest in Mynt’s IPO for GCash, the Philippines’ largest-ever public offering

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BlackRock poised to invest in Mynt’s IPO for GCash, the Philippines’ largest-ever public offering

The world’s biggest asset manager is reportedly looking to buy into GCash parent Mynt’s $1.5 billion listing, which would be the largest IPO in Philippine history.

by
Editorial Team

Sep. 22, 2026

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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.

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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.

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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.