Milbank LLP has advised Mynt, Inc. (“Mynt”), the parent company of the group behind the GCash app (“GCash”), on its initial public offering (“IPO”) and its listing today on the Main Board of the Philippine Stock Exchange. The IPO raised approximately ₱53.0 billion (US$845 million), rising to approximately ₱60.9 billion (US$970 million) if the overallotment option is exercised in full. It is the largest IPO in Philippine history and the largest in Southeast Asia so far in 2026.
The base offer of 8,027,409,600 common shares comprised 1,605,481,900 primary shares offered by Mynt and 6,421,927,700 secondary shares offered by 14 selling shareholders, with an overallotment option of up to 1,204,111,400 further secondary shares. At the offer price of ₱6.60 per share, the IPO values Mynt at approximately ₱441.5 billion (US$7 billion).
The offering included more than 20 leading global and domestic institutional investors as cornerstone investors and was heavily oversubscribed through the international and domestic book-building processes. Milbank acted as counsel to Mynt as to US federal and New York law.
GCash is the No.1 finance super app in the Philippines as of 31 March 2026, according to Frost & Sullivan. Through payment solutions and digital financial services spanning payments and transfers, credit lines, cash loans, “buy now, pay later” options, savings, investments and insurance, Mynt has made financial inclusion the engine of its growth.
Mynt became the Philippines’ first unicorn in 2020 and reached profitability in 2021, three years ahead of plan. That same year it raised approximately US$300 million at a valuation above US$2 billion. New strategic investment in 2024 more than doubled its valuation, making Mynt the country’s first US$5 billion fintech.
“Mynt has changed how millions of Filipinos pay, borrow, save and invest, and its listing is a defining moment for the Philippine capital markets,” said James Grandolfo, Managing Partner of Milbank’s Hong Kong office, who led the Milbank team. “The depth of support from global and domestic investors shows what the Philippine market can deliver at scale, and gives fintech companies across the region a clear model for listing at home. We are proud to have advised Mynt on a landmark offering that adds to Milbank’s long record on the Philippines’ most significant IPOs.”
“With 14 selling shareholders, a primary offering by the company and more than 20 institutional cornerstone investors, the offering required substantial coordination among multiple parties,” said Milbank partner Paul Pery. “Mynt’s management team brought real focus and ambition to the process, and it has been a privilege to work alongside them as the company begins its life as a listed business.”
The Milbank team was led by Hong Kong partners James Grandolfo and Paul Pery, with associates York Wu, Ari Singzon and Julo Lim. They were supported by Tax Group partner Andrew Walker and associate Erika Jensen; Executive Compensation and Employee Benefits Group partner Joel Krasnow and special counsel Sharon Mori; Alternative Investments Practice special counsel Joel Cavanaugh; and partner Bijan Ganji, special counsel Pinky Mehta and associate Lauren Trushin of the Transportation and Space Group and Global Risk & National Security Practice.
The transaction adds to Milbank’s record in Philippine capital markets, where the firm has advised on nearly all of the country’s most significant IPOs over the last ten years, including the largest in the market’s history. Mr Grandolfo and Mr Pery advised the joint global coordinators on Monde Nissin’s ₱48.6 billion IPO in 2021, the largest in Philippine history at the time. Mr Grandolfo, who has advised clients in the Philippines for decades, also led the Milbank team advising the joint global coordinators and bookrunners on the 2025 IPO of Maynilad Water Services, at the time the country’s largest listing since Monde Nissin.
