Milbank, Romulo, Latham, and ACCRALAW advised on the landmark Philippine initial public offering (IPO) of Mynt, the parent company of finance super app GCash. The IPO raised 53-billion-peso ($844 million) on the Philippine Stock Exchange (PSE).
ACCRALAW and Latham & Watkins acted for the underwriters, including BPI Capital, BDO Capital, and international bookrunners Morgan Stanley and J.P. Morgan. The Mynt IPO is one of the largest listings in the country’s history.
If the overallotment option is fully exercised, proceeds could reach 60.9 billion peso, making it the largest IPO in Philippine history and the largest in ASEAN since 2021. GCash is widely used for daily financial transactions and has expanded access to digital financial services across the Philippines.
Mynt became the Philippines’ first unicorn in 2020 and reached profitability in 2021, three years ahead of plan. In 2024, it became the country’s first $5 billion fintech. The Romulo team was led by partners Yvette C. Chua and Claudia Gabriella R. Squillantini.
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The Latham team was led by Hong Kong partner Benjamin Carale, with associates Diana Dizon and Margarita del Rosario. Senior partner Judy Hao and partner Celerina Fajardo-Nacin led the ACCRALAW team, with senior associate Korina Manibog and associates Bianca Baluyut and Andrew Stephen Lota.
The Milbank team was led by partners James Grandolfo and Paul Pery, with associates York Wu and Ari Singzon. They were supported by partner Andrew Walker and associate Erika Jensen on tax matters, and partner Joel Krasnow and special counsel Sharon Mori on executive compensation and employee benefits matters.
Notably, this IPO was the first of its size to use the lower mandatory public ownership requirement of the Securities and Exchange Commission (SEC) and the PSE, as noted by ACCRALAW. This development may signal a shift in the Philippine IPO market, potentially making it more accessible for companies to list.
