Heavyweights BlackRock, Fidelity anchor GCash IPO at P6.60 a share

Insider Spotlight

• GCash cornerstone investors will subscribe to shares at a fixed price of P6.60 apiece, according to sources familiar with the transaction.
• The IPO has secured 21 cornerstone investors, with BlackRock, Fidelity, Capital Group and Schroders among the biggest names.
• The cornerstone price gives the market an early pricing signal ahead of the broader book-building process.
  
  
  
  

GCash’s cornerstone investors will come into its highly anticipated initial public offering at P6.60 per share, effectively valuing the Philippine fintech giant at $7 billion.

Sources familiar with the transaction told InsiderPH that the cornerstone tranche will be priced at this level, which will also be reflected in the company’s updated prospectus to be released today, Sept. 23, 2026.

Why it matters

The cornerstone price is significant because these institutional investors will commit funds at that agreed price as the broader IPO process moves forward.

“It’s gonna be a fixed price of P6.60,” a source familiar with the deal said.

The source explained that the cornerstone investors “will already pay at this price,” effectively putting capital behind GCash at the pre-agreed valuation even before the wider book-building exercise is completed.

The big names

GCash has lined up 21 cornerstone investors, according to the source, providing substantial institutional support for what is expected to be one of the Philippines’ most closely watched listings.

Among the biggest names are global investment managers BlackRock, Fidelity Investments, Capital Group, and Schroders.

• BlackRock is the world’s largest asset manager with over $15 trillion in its portfolio and is the dominant issuer of exchange-traded funds.
• Fidelity Investments has $7.8 trillion in assets under management and is the largest retirement fund manager and retail broker in the US. 
• Capital Group runs a $3.6-trillion fund and is the world's most active equity manager.
• UK-based Schroders has a $1.1-trillion portfolio as the premier European wealth management firm.

“We will book-build at P6.60 because we’re confident with the number of cornerstones,” the source said.

What’s next

The cornerstone price is not expected to be highlighted separately in the company’s accompanying statement, making the updated prospectus a key document for investors tracking the IPO’s valuation and institutional demand.

Mynt has said that the final pricing will be officially disclosed on Oct. 2, 2026.

GCash is operated by Globe Fintech Innovations Inc., better known as Mynt. Its IPO has been closely watched as a major test of investor appetite for a homegrown Philippine technology platform with a large consumer footprint.