Mynt, the owner of the Philippines' leading digital wallet GCash, is set to debut in what will be Southeast Asia's largest IPO this year, raising nearly $1bn. Trading begins Tuesday after pricing at 6.60 pesos per share, valuing Mynt at approximately $7bn—below the initial guidance of up to 10 pesos. The offering includes 9.23 billion shares and could raise 60.9 billion pesos ($971mn). GCash serves around 41 million monthly active users, roughly a third of the Philippines' population, and is widely used for bill payments, fund transfers, and merchant purchases. Shareholders include Ant International, Mitsubishi UFJ Financial Group, and Globe Telecom.
Southeast Asia recorded 71 IPOs in the first nine months, down 11 percent year-on-year, raising $3.6bn—a 9 percent decline. Despite muted activity compared to China and India, Deloitte's Tay Hwe Ling noted renewed momentum driven by stronger equity markets and regulatory reforms. Malaysia leads the region by volume, while Vietnam aims to double its stock market value by 2030 to reduce reliance on bank loans. FTSE Russell's emerging market upgrade for Vietnam has boosted foreign investor interest.
Other major listings this year include Singapore's UI Boustead Reit and Malaysia's Sunway Healthcare. Citi's Jingkai Yew highlighted growing investor appetite, particularly for profitable national champions like GCash, which posted $282mn in net profit last year—contrasting with lossmaking predecessors such as Grab and Gojek. The IPO pipeline remains strong across tech, healthcare, and real estate sectors.
Source: Financial Times Companies · Summarized by HeadlinesBriefing