Who’s cashing in on GCash IPO? Funds, executives eye multibillion-peso payday
June 28, 2026
11:30AM PHT
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Insider Spotlight
Only seven current and former executives are selling shares, accounting for just over 1 percent of Mynt’s P64.2 billion base secondary offering.
Bow Wave and Warburg Pincus invested when Mynt was valued at about $1 billion and over $2 billion, respectively, versus a maximum indicated IPO valuation of up to $10.9 billion.
Globe, Ant International Technologies, Ayala-backed AM 50 Ventures and MUFG are retaining their stakes, while Ant-affiliated Advanced New Technologies is the only Ant-linked selling shareholder.
GCash’s record-breaking initial public offering (IPO) will not only raise fresh capital to bankroll growth. It will also deliver a multibillion-peso payday for global investment funds, executives, and former officers that helped build text-based payments from over two decades ago into the country’s’ biggest financial technology company.
At the maximum indicated IPO price of up to P10 per share, existing shareholders of GCash operator Mynt are selling 6.42 billion shares worth up to P64.2 billion and rises to P76.26 billion if the over-allotment option is fully exercised.
Most major shareholders are not selling
The draft prospectus does not list Mynt’s largest strategic shareholders as selling shareholders. These include:
Globe Capital Venture Holdings — 33.84 percent
Ant International Technologies — 21.44 percent
AM 50 Ventures (Ayala-Mitsubishi joint venture) — 13.02 percent
MUFG Bank — 7.24 percent
AI Vision (Ant affiliate) — 4.76 percent
Among Ant-affiliated shareholders, only Advanced New Technologies is participating in the secondary offering, although the draft prospectus does not disclose how many shares it plans to sell.
Individual selling shareholders
The seven named individual selling shareholders account for only a small portion of the deal.
Together, they are selling 66.26 million shares worth about P662.6 million at the maximum indicated IPO price, representing just over 1 percent of the base secondary offering.
Martha M. Sazon, president and CEO (joined June 2020)
Total stake: 220.12 million shares worth about P2.2 billion at the maximum indicated IPO price.
Selling: 44.02 million shares (20 percent of holdings) worth about P440.2 million.
Retaining: 176.09 million shares worth about P1.76 billion.
Appointed CEO during the pandemic, she helped transform GCash into the country’s largest fintech platform.
Anthony M. Isidro, president and CEO of Fuse Lending (joined September 2021)
Total stake: 29.42 million shares worth about P294.2 million.
Selling: 5.88 million shares (20 percent) worth about P58.8 million.
Retaining: 23.53 million shares worth about P235.3 million.
Joined Mynt after senior roles at AXA Philippines and now leads the group’s digital lending arm, Fuse Lending.
Robert Conrad O. Gonzales, chief people officer (joined September 2020)
Total stake: 42.08 million shares worth about P420.8 million.
Selling: 4.21 million shares (10 percent) worth about P42.1 million.
Retaining: 37.88 million shares worth about P378.8 million.
Leads GCash’s people organization after nearly a decade in senior human resources leadership roles at Globe Telecom.
Winsley Royce F. Bangit, group head of new businesses (joined June 2020)
Total stake: 42.08 million shares worth about P420.8 million.
Selling: 3.5 million shares (8.3 percent) worth about P35 million.
Retaining: 38.58 million shares worth about P385.8 million.
Leads strategy, business development and partnerships across growth businesses including adtech, data tech, insurtech, wealth management and sustainability.
From left: GCash chief people officer Robert Conrad O. Gonzales, president and CEO Martha Sazon, and group head of new businesses Winsley Royce F. Bangit. The three are among Mynt’s largest individual selling shareholders in the company’s planned initial public offering.
Oscar Enrico A. Reyes Jr., CEO of G-Xchange and chief commercial officer (joined June 2022)
Total stake: 16.75 million shares worth about P167.5 million.
Selling: 3.35 million shares (20 percent) worth about P33.5 million.
Retaining: 13.4 million shares worth about P134 million.
Former Philippine Airlines and Smart Communications executive who oversees Mynt’s commercial operations while leading G-Xchange.
Maria Corazon Alvarez-Adriano, chief compliance officer and chief legal officer (appointed March 2025)
Total stake: 14.13 million shares worth about P141.3 million.
Selling: 2.83 million shares (20 percent) worth about P28.3 million.
Retaining: 11.3 million shares worth about P113 million.
Former Globe Telecom legal executive who now oversees Mynt’s legal and compliance functions.
Alberto Curnelius T. Trinidad, chief marketing officer
Total stake: 12.33 million shares worth about P123.3 million.
Selling: 2.47 million shares (20 percent) worth about P24.7 million.
Retaining: 9.87 million shares worth about P98.7 million.
Former Lazada Philippines chief marketing officer who previously held marketing leadership roles at Google Philippines and Unilever.
Senior executives retaining their entire stakes
Ernest L. Cu, chair
Total stake: 60.82 million shares worth about P608.2 million at the maximum indicated IPO price.
Has served as chair since September 2020 after previously serving as chair from 2015 to 2016 and vice chair from 2017 to 2020. Former president and CEO of Globe Telecom, he has been one of the key leaders behind GCash’s growth.
Ma. Aurora L. Sy, chief technology and operations officer
Total stake: 42.08 million shares worth about P420.8 million at the maximum indicated IPO price.
Leads Mynt’s technology, product delivery, cybersecurity, customer experience and operations. She has driven GCash’s platform evolution and now leads its artificial intelligence initiatives.
Edgardo R. Layug Jr., chief commercial and business assurance officer, Fuse Lending
Total stake: 35.5 million shares worth about P355 million at the maximum indicated IPO price.
Oversees commercial operations and business assurance at Fuse Lending, GCash’s lending arm.
Jan Lester O. Olaño, former chief financial officer
Total stake: 23.75 million shares worth about P237.5 million at the maximum indicated IPO price.
Former chief financial officer of Mynt who remains among the company’s largest individual shareholders.
Institutional selling shareholders
The institutional investors participating in the secondary offering are:
Collectively, Warburg Pincus’ three investment vehicles hold 386.16 million shares, equivalent to 0.58 percent of Mynt before the offer.
The draft prospectus identifies these funds as selling shareholders but does not disclose how many shares each intends to sell or their holdings after the IPO.
Bow Wave first invested in Mynt in early 2021 at a valuation close to $1 billion, while Warburg Pincus entered later that year at a valuation of more than $2 billion.
At Mynt’s maximum indicated IPO valuation of about $10.9 billion, the company’s valuation has increased by roughly 11 times since Bow Wave’s initial investment and more than fivefold since Warburg Pincus entered.
