Mynt to use most of IPO money to grow GCash lending services

₱6.36B set aside for lending expansion.

Mynt Inc., the parent company of GCash, plans to use most of the money it raises from its stock market debut to expand its credit business and develop new financial products.

The company expects to receive around ₱10.6 billion in gross proceeds from the sale of primary shares, with 60% earmarked for expanding its CreditTech business, 20% for product development, and the remaining 20% for general corporate purposes.

CreditTech refers to technology-driven credit services, while WealthTech covers digital tools and services related to investments and wealth management.

In its October 20 announcement, Mynt said it intends to use the net proceeds from the initial public offering (IPO) primarily to grow its Digital Financial Services business, which includes its CreditTech and WealthTech offerings.

The planned investment comes as Mynt begins trading on the Philippine Stock Exchange (PSE) under the ticker GCASH, following an IPO that could reach ₱60.9 billion if the overallotment option is fully exercised.

However, the total offering value differs from the amount Mynt will directly receive, as the IPO also includes shares sold by existing shareholders.

The planned allocation highlights the importance of credit services to Mynt’s next stage of growth, alongside plans to develop new financial products and broaden its digital finance business.

Further investment could support the development of lending products and other services accessible through GCash, although Mynt has yet to specify which new products it intends to launch or when these might become available.

The expansion also comes with business risks, particularly in lending, where growth must be balanced with borrowers’ ability to repay, credit costs, and regulatory requirements.

Mynt’s IPO attracted strong demand from institutional investors, with the institutional tranche oversubscribed several times over during the offering period.

Shares opened at ₱6.60 apiece on October 20, giving the company an initial market capitalization of around ₱442 billion, before closing the debut session at the same price, according to market reports.

The listing gives Mynt access to public equity markets as it pursues its next phase of expansion, but its long-term success will depend on whether investments in credit services and new products generate sustainable earnings.

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