BlackRock to invest in Mynt's $1.5B IPO for GCash, Philippines' largest public offering

By Khal · · 1 min read

Editorial illustration: Glass blocks rest on a metal bridge connecting a dark stone structure to a blue wallet holding a smartphone. The wallet stands on a blue pedestal bearing a silhouette of the Philippines.
AI-generated editorial illustration · AI-generated editorial illustration · Published Sep 22, 2026, 7:04 a.m. (1 hour ago)

In brief

  • BlackRock to invest in Mynt's $1.5B IPO, Philippines' largest public offering expected October 19-20
  • GCash reported 39-40 million monthly active users and facilitated PHP 17 trillion in annual transactions
  • Mynt's 2025 revenue reached PHP 79.8 billion, up 27% YoY; net income surged 56% to PHP 17.2 billion
  • Morgan Stanley, J.P. Morgan, and UBS serve as joint global coordinators for the September 2026 IPO

The deal and timeline

Mynt filed for its IPO on June 27, 2026, pricing shares at PHP 10 apiece. The Philippine Securities and Exchange Commission gave its approval in early September 2026, followed by the Philippine Stock Exchange clearing the path on September 18. The offer period was expected to begin in early-to-mid October, with listing expected around October 19-20 under the ticker GCASH.

Morgan Stanley, J.P. Morgan, and UBS are serving as joint global coordinators for the offering. The structure comprises up to 8.03 billion common shares plus an additional 1.2 billion secondary shares being sold by existing investors. IPO proceeds are earmarked for lending expansion and general corporate purposes.

GCash's scale and growth

GCash is a payments and fintech platform with enormous reach in the Philippines. The platform reported approximately 39 to 40 million monthly active users drawn from 90 million total registered accounts. Transaction volume is substantial: GCash facilitated PHP 17 trillion in payment transactions annually.

Mynt's financial performance reflects that scale. Revenue hit PHP 79.8 billion in 2025, a 27% jump year-on-year. Net income reached PHP 17.2 billion, surging 56% compared to the prior year.

Ownership structure

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 and MUFG Bank. BlackRock's participation signals institutional confidence in Mynt's growth trajectory and fintech expansion in Southeast Asia.

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