World Bank Group member International Finance Corporation (IFC) is likely to invest 4.4 billion pesos (about $70 million) as a cornerstone investor in the planned initial public offering of Philippine fintech platform GCash.
IFC said the investment will come from its own account and will be made through common shares in Mynt, the parent company of GCash.
IFC will join more than 20 cornerstone investors, including BlackRock and T. Rowe Price, in the IPO that could raise up to $1.3 billion, making it the largest share sale on record in the Philippines.
The preliminary prospectus dated September 22 showed that cornerstone investors have agreed to buy 36.5 billion pesos worth of shares in the offering, Reuters reported.
The investors also include Capital Research and Management Company, Citadel Multi-Strategy Equities Master Fund Ltd, FIL Investment Management (Hong Kong), HSBC Global Asset Management, Lazard Asset Management, among others.
Domestic cornerstone investors include ATRAM Trust Corporation, BPI Asset Management and Trust Corporation, China Bank Capital Corporation, among others, as the preliminary prospectus showed.
The offer period is scheduled to run from October 6 to October 12, according to the preliminary prospectus, with the final price to be set after the close of the offer.
In a separate disclosure, IFC said the IPO will comprise primary and secondary offerings, with proceeds from the primary offering earmarked for expanding the company’s digital financial services, product development, and other general corporate purposes.
The investment is aimed at supporting Mynt’s expansion of digital financial services to underserved individuals and businesses, including through increased consumer and micro, small and medium enterprise lending, according to IFC.
“IFC will serve as a cornerstone investor in Mynt’s IPO, helping support demand formation, enhance pricing confidence, and contribute to the successful execution of the transaction,” IFC added.
Mynt’s shareholders include Ayala Corporation and Mitsubishi Corporation through AM 50 Ventures Inc., Globe Telecom, Ant International, and Mitsubishi UFJ Financial Group.
IFC said it has an ongoing financial institutions advisory project with Mynt focused on helping MSMEs in the Philippines and selected Asian markets integrate sustainability practices into their operations.
As part of the investment, Mynt will be required to develop and implement an Environmental and Social Management System in line with IFC’s environmental and social requirements and international best practices, IFC added.
Vishal Mahadevia, head of Asia Private Equity and global co-head of Financial Services at Warburg Pincus, earlier said, during the Asia PE-VC Summit 2026 in Singapore, the planned IPO could become a watershed moment for private equity exits in Southeast Asia. Mahadevia said a successful GCash listing could help counter concerns over the availability of large-scale investment opportunities and exits in the region.
