GLOBE Telecom shares surged on Monday following news that Mynt Inc. (Globe Fintech Innovations, Inc.), the operator of leading e-wallet GCash, was targeting an October market debut that could raise as much as P92.3 billion, potentially the largest initial public offering (IPO) in Philippine history.
Globe is the largest shareholder of Mynt with about a 34-percent stake, with partner Ant Group of China holding another 33 percent. Globe’s parent firm Ayala Corp. also holds interests in Mynt directly and indirectly through Globe and AM 50 Ventures Inc. (13 percent), which is a venture with Japan’s Mitsubishi Corp.
Globe shares on Monday added P125, or 6.94 percent, to close at P1,925 each, while Ayala gained 2.37 percent, or P10, to P432 apiece, outpacing the benchmark Philippine Stock Market index’s 1.01-percent gain.
In separate disclosures, Globe and Ayala said Mynt had submitted a registration statement with the Securities and Exchange Commission (SEC) and a listing application with the Philippine Stock Exchange (PSE).
“The registration statement and the listing application remain subject to acceptance by the SEC and PSE, respectively,” Globe said.
Based on the preliminary registration statement, the fintech plans to offer up to 8.03 billion common shares, with an overallotment option of up to 1.20 billion in secondary shares, at a maximum offer price of P10.00 per share.
A fourth quarter listing is targeted with a tentative date of Oct. 30, subject to regulatory approvals and prevailing market conditions. If completed at its maximum size, Mynt’s IPO would surpass the P48.6-billion market debut of Monde Nissin Corp. in 2021.
Mynt operates GCash, the country’s leading finance super app, which has evolved from a mobile wallet into a digital financial platform offering payments, savings, credit, insurance and investment products.
GCash has said it had 39.1 million monthly active users in 2025, with parent Mynt recording a net income of P17.2 billion on revenues of P79.8 billion in the same year.
Mynt President and CEO Martha Sazon said the planned listing marks “the next step in Mynt’s growth journey.”
She voiced hopes that Mynt’s IPO would inspire more Filipino startups and tech companies while helping strengthen the country’s position as a fintech hub in Southeast Asia.
Globe said additional details of the proposed IPO would be disclosed at the appropriate time.
Other than the requisite regulatory approvals, the proposed IPO also remains subject to prevailing market conditions, Globe and Ayala said.