Ant International-Backed Fintech Unicorn Gets Regulatory Nod for Philippines's Largest-Ever IPO

By P.R. Venkat

A Philippine fintech unicorn backed by Ant International has secured approval from the Philippine Stock Exchange for a nearly $1.3 billion initial public offering that, if completed, would be the country's largest-ever listing.

Mynt, which operates mobile financial-services platform GCash, plans to offer 8.03 billion shares at up to 10 Philippine pesos each, equivalent to 16 cents, according to a preliminary IPO prospectus filed Friday.

If the overallotment option is exercised in full, the IPO could raise $1.48 billion at the maximum offer price. The offering would value Mynt at about $10.7 billion, based on around 66.90 billion shares outstanding after the IPO and the 10 peso offer price.

The company will begin taking orders for the shares on Oct. 6, with the offer period running for a week. Mynt is targeting a PSE listing on Oct. 20, the filing showed.

Mynt is entering the IPO market amid heightened uncertainty in global markets, with the U.S.-Iran conflict contributing to volatility across asset classes.

Founded in 2004, GCash is one of the Philippines's largest digital cashless ecosystems, serving 94 million users through its mobile wallet and financial superapp.

In 2025, the company processed 17 trillion pesos, equivalent to more than $270 billion, in gross transaction value, a measure of total payments flowing through its platform, and handled an average 56.7 million transactions a day.

Operated by Mynt, formally known as Globe Fintech Innovations, GCash lets users pay bills, transfer money and tap a growing range of financial services across savings, credit, investment and insurance products.

The platform supports cross-border payments in more than 220 countries and territories through partner networks, including Ant Group's Alipay+.

Besides Philippine telecom company Globe Telecom, which has a 34% stake in Mynt, backers include Japan's Mitsubishi UFJ Financial Group and private-equity firm Warburg Pincus.

The Philippines's biggest-ever listing to date has been food-and-drinks company Monde Nissin's 2021 IPO, which raised $1.0 billion.

Morgan Stanley, JPMorgan and BPI Capital are among the banks advising Mynt on the IPO.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

September 18, 2026 03:26 ET (07:26 GMT)