Mynt Tests Southeast Asia's Appetite for Profitable Fintech
Mynt, parent of Philippines' GCash, raised $971M in its IPO as Southeast Asian IPO market shifts toward larger, profitable issuers. Deloitte data shows average deal size surged 2.4x.
Alpha Score of 57 reflects moderate overall profile with strong momentum, moderate value, weak quality, weak sentiment.
Mynt, the parent company of Philippine digital wallet GCash, began trading Tuesday after pricing its IPO at 6.60 pesos per share. The offering raised 60.9 billion pesos, about $971 million, through the sale of 9.23 billion shares.
The listing tests investor demand for a mature, profitable fintech in a region where earlier tech giants like Grab and GoTo went public while still posting losses. GCash serves roughly 41 million monthly active users, about a third of the Philippine population. Globe Telecom and Ant International are major shareholders. Mitsubishi UFJ Financial Group also holds a stake.
The deal is the largest IPO in the Philippines in years and adds to a recovery in Southeast Asian equity capital markets. Deloitte data for the first half of 2026 show the number of IPOs in the region fell 11 percent from a year earlier, but average deal size jumped 2.4 times over the same period. The firm attributed the shift to a “quality over quantity” dynamic.
Southeast Asia recorded 47 IPOs in the first half with a combined market capitalisation of $15.07 billion, up 96 percent from $7.7 billion a year earlier. Other blockbuster listings include UI Boustead REIT in Singapore, which raised $754 million, and Sunway Healthcare Holdings in Malaysia, which raised $707 million.
The region’s IPO pipeline is seen as a relative bright spot in global equity capital markets, according to Deloitte.
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