(Sept 10): The company behind the Philippines’ biggest mobile wallet app, GCash, started gauging investor demand for what could be the country’s largest-ever initial public offering, seeking to raise as much as 92.3 billion pesos (US$1.5 billion or RM6.01 billion).

Mynt Inc is offering as many as 9.23 billion shares, including an over-allotment option, according to terms of the deal seen by Bloomberg News. The base offering comprises 20% new shares and 80% offered by existing holders including Mynt, Bow Wave Capital Management, Lion Fintech Investments, Insight Partners and LGVP.

Market participants have been waiting for the IPO for some time. Regulators have eased the rules on the minimum public float requirement to encourage large listings. The deal could exceed the 2021 IPO of Monde Nissin Corp, which raised about US$1.2 billion (RM4.88 billion). The company offers investors exposure to a population of more than 110 million people who are increasingly using digital payments rather than cash.

The Philippine stock market has grappled with low trading volumes, a spate of delistings and no first-time share sales so far in 2026. IPOs last year have raised about US$530 million, the most since a record year in 2021, largely thanks to the listing of Maynilad Water Services Inc in October.

Mynt’s key shareholders include Globe Telecom Inc, Ant International and Mitsubishi UFJ Financial Group Inc. GCash began as Globe Telecom’s text-based money transfer service in 2004 and has grown to 90 million registered users. The app has expanded into credit, investments and savings services from payments, becoming ubiquitous since the pandemic. The company will use proceeds for digital financial services growth, product development, and general corporate purposes.

Jefferies and Citic are acting as global joint bookrunners for the transaction, with the investor education until Sept 18. Selling shareholders face a 180-day lock-up on shares owned before the listing.

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