Institutional investors to inject P36.5 billion into GCash

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September 25, 2026 | 12:00am

IPO booster

MANILA, Philippines — E-wallet giant GCash is expected to book an immediate P36.5 billion in proceeds prior to listing, as large-scale funders take position, buying in as cornerstone investors. Based on its preliminary red herring prospectus, GCash’s parent Mynt Inc. said it has secured commitments from local and global investors to take part in its initial public offering (IPO).

Mynt’s cornerstone investors will purchase up to 59.8 percent of the shares, assuming the overallotment option is exercised, that the company would be selling in the IPO. These investors would inject around P36.5 billion, or $581.3 million, into the company, which would cover 40 percent of Mynt’s P92.3-billion target proceeds in the IPO.

One of the cornerstone investors is multinational investor and New York Stock Exchange-listed BlackRock Inc., which manages a $15.3-trillion portfolio composed of holdings in some of the world’s biggest tech brands such as Apple, Microsoft and Nvidia.

Los Angeles-based investor Capital Research and Management Co. is also buying into Mynt, as well as the World Bank’s private sector financing arm International Finance Corp.

Locally, the investment units of the country’s largest banks committed to Mynt’s IPO, including BPI Asset Management and Trust Co., China Bank Capital Corp. and Metropolitan Bank & Trust Co.’s Trust Banking Group.

Mynt said cornerstone investors have agreed to participate in the offer at a price of no more than P6.60 per share, lower than the indicative range of P7 to P10.

Next to watch out for in the IPO is the setting of the final offer price on Oct. 1. The IPO will be held from Oct. 6 to 12, and listing of the shares on the main board of the Philippine Stock Exchange set on Oct. 20.

Mynt president and CEO Martha Sazon said the commitments from large-scale investors such as BlackRock shows the strength of GCash in financial technology. She also views the interest as a vote of confidence in GCash’s long-term viability.

“We believe this reflects confidence in our position as the nation’s number one finance superapp, our track record of profitable growth and a significant market opportunity that lies ahead of us,” Sazon said.

GCash is aiming to raise from its IPO as much as P92.3 billion, set to become the largest listing in Philippine history.