According to a report by Reuters, GCash operator Mynt aims to achieve a valuation of at least US$8 billion during its upcoming IPO.

The operator of the top digital wallet in the country is planning to file for a domestic public listing as early as July.

It intends to raise around US$1 billion when the listing takes place later this year.

If completed at this size, the transaction would rival the previous record set in 2021 as the largest stock market debut in the Philippines.

The company operates a prominent digital payment system that currently serves 94 million citizens across the nation.

Users rely on the application to purchase prepaid mobile data, pay bills and transfer money securely.

The platform also allows customers to access savings accounts, loan facilities and insurance products.

Sources noted that the exact timing, size and valuation target could still change depending on broader market conditions.

The company appointed major financial institutions, including Citi, Jefferies and UBS, to prepare the public offering in early 2025.

The firm reportedly waited for local regulators to ease minimum public ownership requirements before moving forward with the deal.

The local securities commission recently lowered the required public float for large issuers to 15% from 20%.

This regulatory adjustment allows existing shareholders to avoid heavy equity dilution during a major stock market launch.

Globe Telecom, Ayala Corporation and Ant Group established the digital financial partnership in 2015.

The technology company also owns the lending business Fuse Financing and the wealth management platform Ryse.

Investors including Ayala Corporation and Mitsubishi UFJ Financial Group previously valued the enterprise at US$5 billion in 2024.

Featured image: Edited by Fintech News Philippines based on an image by GCash via its website.