Metro Manila, Philippines – Mynt Inc., the financial technology company behind digital wallet GCash, finished flat on their market debut despite hitting a national record with the largest initial public offering (IPO), said the Philippine Stock Exchange, Inc. (PSE) in a statement.

Market data showed company shares remained unchanged at ₱6.60 at market close on its first trading day on Tuesday, Oct. 20, after hitting an intraday high of ₱6.76.

With the public now able to buy a piece of the company’s share on the stock market, Mynt generated ₱60.9 billion from its primary and secondary sales, surpassing the previous record of ₱55.89 billion by Monde Nissin Corporation in 2021.

Proceeds from the sale of primary shares will be allocated to general corporate purposes and GCash’s digital financial services initiatives and product development.

Mynt also posted a market capitalization of ₱441.51 billion, placing it seventh among domestic companies listed on PSE.

Moreover, GCash users were given a chance to invest ahead of its stock market launch, as the company opened its shares to the public from Oct. 6 to 12.

“140,725 GCash subscribers invested about P1.1 billion in this IPO through GCash app, and for many of them, it was their first time owning shares in a listed company,” said PSE President and CEO Ramon Monzon.

He added that the record breaking IPO of Mynt is a “massive vote of confidence” in the country’s economy, caused by high investor demand on both international and local scales.

NewsWatch Plus intern Alliah Lyn Reyes contributed to this report.