GCash, the leading digital wallet in the Philippines, is set to make history with its upcoming Initial Public Offering (IPO) on the Philippine Stock Exchange (PSE). The IPO is expected to be the largest in the PSE's history, potentially exceeding the P55.89 billion record set by Monde Nissin in 2021, with an expected opening between P53 to P60.9 billion. Following the IPO, GCash will debut as one of the top ten most valuable companies on the PSE, with a post-IPO valuation of P442 billion. This valuation places GCash among major corporations like Ayala Corporation and SM Prime Holdings, which are traditionally dominant in the Philippine market. Unlike most companies listed on the PSE, which are asset-heavy businesses such as banks, utilities, and real estate developers, GCash operates as an asset-light enterprise. As of June 30, Mynt (GCash's parent company) had total assets of P237.8 billion, but only P906.9 million in property and equipment, representing less than 0.4% of total assets. The company's value is derived from its strong market position, with 41.5 million monthly active users, four times more than its closest competitor. This user base and market dominance are key drivers behind GCash's high valuation. The PSE currently faces challenges, including a smaller market size compared to other Southeast Asian exchanges like Singapore, Vietnam, and Thailand. The exchange has seen a decline in listed companies, with over P580 billion lost due to company exits in recent years. The PSE is dominated by traditional, asset-heavy companies, which limits its ability to attract high-growth tech ventures. GCash's entry is seen as a potential catalyst for change, but the PSE's strict IPO requirements may hinder the growth of other tech startups. To qualify for listing, companies must report a net income of P75 million cumulatively over three years or P50 million in the most recent fiscal year, which discourages growth-focused startups that prioritize scaling over immediate profits. GCash is not the only tech company eyeing an IPO. The PSE has reported that up to 15 tech firms are expressing interest in going public, with plans to establish a dedicated tech board to facilitate these listings. GCash's largest competitor, Maya, is also planning to go public in 2027. However, the success of GCash's IPO will depend on whether the PSE can adapt its requirements to better support high-growth tech companies, which could lead to a more dynamic and innovative market environment.

GCash's parent company, Mynt, has set the final price for its initial public offering (IPO) at P6.60 per share, marking the largest IPO in Philippine history. The valuation of approximately P442 billion is based on Mynt's 66.9 billion shares outstanding after the offer, multiplied by the final price. This price is below the initial maximum of P10 per share, which would have valued the company at P669 billion. The IPO, which includes a base offering of up to 8.03 billion shares, could raise up to P60.9 billion if the overallotment option is fully exercised, surpassing the previous record held by Monde Nissin's 2021 listing that raised about P55.89 billion. The base offering consists of 1.61 billion newly issued shares and 6.42 billion shares sold by existing shareholders, with about 80% of the shares being sold by current investors, meaning most proceeds will not contribute fresh capital to GCash but will instead allow existing shareholders to cash out part of their stakes. The IPO is now moving to its public offer period from October 6 to 12, when retail investors can subscribe to shares at the P6.60 price, with an expected listing on the Philippine Stock Exchange on October 20 under the ticker symbol GCASH. Over 20 local and international institutions, including funds managed by BlackRock, Capital Research and Management Company, T. Rowe Price, and the World Bank Group's International Finance Corporation, have committed around P36.5 billion to the offering. This IPO represents a significant milestone for GCash, which has become a dominant player in the Philippine fintech sector, and for the Philippine stock market, which is seeing a major transaction that could set a new benchmark for future listings.