Mynt, the owner of the Philippines’ leading digital wallet platform GCash, is preparing to raise nearly $1 billion through an initial public offering (IPO), marking the largest such listing in Southeast Asia this year. Trading is expected to commence tomorrow, reflecting renewed activity in the region’s capital markets.
GCash boasts approximately 41 million monthly active users, accounting for roughly one-third of the Philippines’ population. The app enables users to pay bills, transfer money, make purchases, and access loan services. Mynt’s shareholder base includes notable entities such as Ant International, Mitsubishi UFJ Financial Group, and Globe Telecom of the Philippines.
The IPO is priced at 6.60 Philippine pesos per share, valuing Mynt at about $7 billion, a figure notably lower than the initial guidance of up to 10 pesos per share presented in the company's prospectus. Should all 9.23 billion shares, including the overallotment option, be sold, the company is set to raise approximately 60.9 billion pesos (around $971 million).
Market data indicate that Southeast Asia has seen a decline in IPO activity in 2023, with 71 listings recorded in the first nine months—a decrease of 11 percent compared with the same period last year. The amount raised has also fallen by 9 percent to $3.6 billion. Nonetheless, analysts observe signs of recovery. According to Tay Hwee Ling of Deloitte Southeast Asia, the return of larger and more established IPO candidates signals growing confidence among both institutional and international investors.
Several factors appear to be supporting this resurgence, including stronger equity market performance, clearer expectations regarding interest rate trajectories, and regulatory reforms in some countries within the region. While IPO volumes remain low relative to major markets such as China and India, Southeast Asian exchanges are demonstrating increased activity. Malaysia, in particular, has been the most active market by volume, accounting for about two-thirds of listings this year. Other notable IPOs exceeding $500 million include Singapore’s U1 Boustead REIT, Malaysia’s Sunway Healthcare Holdings, and Vietnam’s Dien May Xanh.
Jingkai Yew, head of ASEAN equity capital markets at Citi, highlighted improved investor appetite for regional offerings in 2023, encouraging larger companies to pursue public listings. He described these firms as "national champions" that have continued to grow and boost profitability during the quieter market period. Yew also noted that the IPO pipeline remains robust across sectors such as real estate, healthcare, and technology, with momentum expected to persist into the next year.
The Mynt IPO, therefore, not only represents a significant capital raising event but also exemplifies evolving investor confidence and a gradual recovery in Southeast Asia's capital markets.