GCash IPO Retail Offer: ₱660 Buys the 100-Share Minimum on GStocks PH Until October 12

Millions of Filipinos can now buy into the country's largest-ever stock market debut from inside an app they already use. The public offer for Mynt, the operator of GCash, opened on October 6 at the final price of ₱6.60 per share and runs until October 12. The minimum order is 100 shares, which means ₱660 is the entry ticket, placed through the GStocks PH feature in the GCash app ahead of the October 20 listing on the Philippine Stock Exchange (PSE) Main Board under the ticker GCASH.

The key numbers

The offer covers more than 8 billion shares. At up to ₱60.9 billion if the overallotment option is fully exercised, the deal is on track to be the largest initial public offering (IPO) in Philippine history. The ₱6.60 price itself was settled on October 1 after institutional bookbuilding, a full 34% below the ₱10 ceiling Mynt had filed, as we detailed when the final price was set. For retail buyers, that lower price cuts the minimum ticket from a potential ₱1,000 to ₱660.

How to order GCASH shares on GStocks PH

The retail mechanics are simpler than a traditional IPO subscription. According to GizGuide's breakdown of the offer, any GCash user who is at least 18 years old and fully verified can place an order through GStocks PH, the stock trading feature operated with brokerage AB Capital Securities. No separate bank or brokerage account is needed, and there is no maximum order size, subject to share availability.

Mynt says the feature was built to strip the friction out of traditional investing, and the allocation design reflects that:

• Orders placed on October 6 and 7 had their first 100 shares allocated in real time, while supply lasted.
• Fulfilment of orders beyond 100 shares started on October 8, on a first-come, first-served basis.
• Orders placed from October 8 until the offer closes on October 12 queue behind earlier ones.

In short, the earlier the order, the better the chance of getting shares.

Who is buying the rest

Retail investors are getting roughly 30% of the offering. The other 70% went to more than 20 global and local institutional investors, a group that includes BlackRock, the International Finance Corporation, and BPI Asset Management, as reported by the Daily Tribune. That institutional backing was locked in during the bookbuilding stage, when Mynt took orders for the record ₱92.32-billion listing.

What happens after October 12

Once the offer closes, allocations are finalized ahead of the October 20 listing, when GCASH shares start trading on the PSE and their price moves with the market. A few things are worth keeping level-headed about: an order is not a guaranteed allocation if demand outruns supply, the ₱6.60 offer price is no indication of where the stock will trade after listing, and shares can fall as well as rise once they are in the open market.

Still, the structure of this offer is a genuine first for the Philippines. A listed-company share purchase that starts at ₱660, settles inside a wallet app, and confirms allocation in real time is a very different on-ramp from the paperwork-heavy IPO subscriptions Filipinos were used to, and it will be a template to watch when the next big listing comes around.