Mynt, the company behind the Philippine e-wallet GCash, began trading on the Philippine Stock Exchange on 20 October 2026. Its initial public offering (IPO) raised ₱60.9 billion, about $967 million, at ₱6.60 a share. According to LSEG data cited by Reuters, it is the country’s largest IPO, ahead of Monde Nissin’s in 2021.
For families, the point is who sold. Globe Telecom, which Ayala Corporation co-owns, and an Ayala vehicle sold nothing. Private equity funds, executives and one Ant-linked company did.
Mynt’s ₱60.9bn IPO in Numbers
- Shares: 9.23 billion, including a fully exercised over-allotment option (extra shares sold when demand is strong): about 13.8% of the company, by GMA News’s figures.
- Split: about ₱10.6 billion went to Mynt as new capital and ₱50.3 billion to selling shareholders, SunStar reported.
- Value: about ₱441.5 billion, roughly $7 billion, at the offer price; in August, GMA reported Mynt sought at least $8 billion.
- First day: the shares rose 1.7% to ₱6.71 in early trading, Reuters reported. DealStreetAsia and BusinessMirror headlines said they closed flat; we could not read those reports.
Who Owns Mynt
Before the IPO, per the draft prospectus reported by InsiderPH in June:
- Globe Telecom: 33.84%, not selling.
- Three Ant-linked companies: 32.42%. One, Advanced New Technologies (6.22%), was selling; the three would keep about 28.5%, InsiderPH estimated.
- AM 50 Ventures, Ayala’s vehicle with Japan’s Mitsubishi: 13.02%, not selling.
- MUFG Bank: 7.24%, not selling.
- The rest: mostly funds such as Bow Wave Capital, Warburg Pincus and Insight Partners, plus executives: the main sellers.
With only about 1.6 billion new shares, Globe keeps about 33%, or about 46% with AM 50 Ventures, by our arithmetic. No one has a majority.
What the Listing Means for Ayala
Ayala Corporation’s chairman, Jaime Augusto Zobel de Ayala, attended the debut. In 2024 Ayala agreed, through its unit AC Ventures, to pay about ₱22.9 billion for roughly 8% more of Mynt, then to sell half of that unit to Mitsubishi Corporation, Philstar reported. Philstar quoted Ayala’s chief executive, Cezar Consing, in February 2025: “I don’t see us selling down.”
A listing fits that stance. The market prices the fintech apart from the telecom group, early funds get an exit (Bow Wave invested in early 2021 at close to a $1 billion valuation, InsiderPH reported) and Mynt gets fresh capital, while Globe and Ayala keep their shares. Jio Platforms and Airtel Money are recent subsidiary listings by family groups; the building blocks are in Holding Structures in Plain English.
A fair caveat
The ownership figures come from the draft prospectus as reported by one outlet; final holdings may differ and our arithmetic is rough. We could not confirm how the Zobel de Ayala family holds Ayala Corporation, or who else owns Globe, so we leave those percentages out.
What to watch
- How the shares trade against the ₱6.60 offer price.
- Whether the strategic owners stay; Mynt’s chief financial officer said in October none was exiting.
- Mynt’s first results as a listed company; first-half net income rose 7.3% to ₱10.82 billion, Reuters reported.
Questions to bring to your advisors
If one of our businesses would be worth more on its own, could we list part of it, let early partners sell and still keep our say? These are questions to bring to your advisors, not advice.
