GCash Is Going Public. Here's What You're Buying.
Mint, the parent company of GCash, is going public on the Philippine Stock Exchange with an IPO offering up to 8 billion shares at 6.60 pesos per share, potentially raising 60.9 billion pesos—the largest IPO in PSE history. GCash is the number one financial app in the Philippines with 41.5 million monthly active users, and the IPO proceeds will primarily benefit existing shareholders, with only 10.6 billion pesos going directly to Mint for development.
Summary
GCash, accessible through the Mint app, is the leading financial application in the Philippines with 41.5 million monthly active users, representing approximately 56% of the country's adult population. The platform offers a comprehensive suite of financial services including payments, transfers, loans, savings, insurance, and investments all within a single application. Mint has announced plans to go public to fund its next growth phase, focusing on expanding lending capabilities, enhancing savings and investment offerings, increasing small business participation, and serving more Filipinos living abroad.
Financial performance metrics show strong revenue generation, with 2025 adjusted income reaching 79.7 billion pesos and net income at 17.2 billion pesos. In the first half of 2026, revenue grew 9.8% to 43 billion pesos while net profit increased 7.3% to 10.8 billion pesos. However, EBITDA declined 4.3% to 11.8 billion pesos, primarily driven by increased loan loss provisions as the lending portfolio expanded.
The IPO structure offers up to 8 billion shares priced at 6.60 pesos per share, with an optional additional placement that could raise up to 60.9 billion pesos, making it the largest IPO in Philippine Stock Exchange history. The subscription period runs from October 5 to October 7, 2026, with listing scheduled for October 20, 2026. The minimum investment is 1,000 shares (6,600 pesos). Notably, approximately 80% of the shares being offered are secondary shares from existing shareholders, meaning Mint itself will only receive up to 10.6 billion pesos of the total capital raised. Subscriptions can be made through Dragonfi, Dragonfi Light via Maya app, and PH stocks in GoTime.
Key Insights
- GCash commands 56% market penetration of the Philippines' entire adult population with 41.5 million monthly active users, making it the dominant financial app in the country
- Mint's net profit grew 7.3% to 10.8 billion pesos in H1 2026, but EBITDA fell 4.3% due to increased loan loss provisions as the lending portfolio expanded
- The IPO will raise up to 60.9 billion pesos at 6.60 pesos per share, making it the largest IPO in Philippine Stock Exchange history
- Approximately 80% of shares offered are secondary shares from existing shareholders, meaning only 10.6 billion pesos of the total capital raised goes directly to Mint for its own development
- Mint plans to use IPO proceeds to expand lending, savings, and investment services, grow its small business merchant base, and increase reach among Filipinos working abroad
Topics
Transcript
[0:00] You use it for payments, transfers, and maybe even loans. Soon you will be able to become its co-owner. Let's talk about the GCash IPO. Mint, the parent company of GCash, is going public in a few weeks. It is the number one financial app in the country with 41.5 million monthly active users. This is almost 56% of the entire adult population of the Philippines. In addition to payments, GCash offers savings , insurance, and investments—all in one app. Mint is going public to [0:30] fund its next stage of development. The plan is to further develop lending, savings, and investments, as well as bring more small businesses onto the platform and serve more Filipinos abroad. Here are…
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