Southeast Asia's Fintech Exit Window: GCash IPO Priced at ₱6.60 — PSE Debit October 20

Southeast Asia's Fintech Exit Window: GCash IPO Priced at ₱6.60 — PSE Debit October 20

The pricing (October 2, 2026). Mynt, parent of Philippine wallet giant GCash, priced its IPO at ₱6.60 per share — about ₱53 billion (US$844.7M) for the base deal, with up to ₱60.9 billion if the 1.2B-share overallotment is fully exercised. At the base size it ranks as the Philippines' second-largest IPO ever (after Monde Nissin, 2021); with the greenshoe it becomes the country's largest-ever listing. The price landed well below the previously reported ₱10 ceiling (ABS-CBN), a discount that still drew an institutional book Mynt says was "oversubscribed multiple times."

Who bought the book. Cornerstone investors committed ₱36.5 billion before the public offer: Capital Research and Management, Citadel Multi-Strategy Equities, HSBC Global Asset Management, the International Finance Corporation, and Lazard Asset Management, plus domestic institutions (ATRAM Trust, BPI Asset Management, China Bank Capital). The retail offer runs October 6–12; the stock begins trading on the PSE on October 20.

The financial profile being priced. Per the prospectus (via Reuters): H1 2026 net income ₱10.82 billion (+7.3% yoy) on revenue of ₱43.27 billion (+10.4%). Rappler calculates that at ₱6.60, "Mynt's roughly P442-billion valuation puts it at about 24.6x its latest trailing 12-month earnings through H1 2026."

Why it matters for the regional exit window. The deal single-handedly rescues Philippine equity capital markets — companies had raised only $227.1M in the country year-to-date (down 71%), and the Philippines accounted for just 1.7% of Southeast Asia's $13.06B in 9M-2026 equity raises (LSEG, via Reuters). A successful debut at ~24.6x earnings would give Southeast Asia's wallet/superapp cohort (GCash, Grab-backed superbank, DANA, TrueMoney) a public-market valuation benchmark¹ — the read-through Warburg Pincus framed as a "watershed moment" for regional fintech exits at September's Asia PE-VC Summit. Watch the October 20 debut.