GCash’s landmark initial public offering (IPO) attracted approximately 140,000 retail subscribers via its built-in GStocks PH trading feature, successfully drawing a fresh wave of first-time investors into the local equity market.
According to Darvin Sy Su, GCash general manager for wealth management, roughly 8 percent to 10 percent of the participating subscribers were brand-new users who registered on the platform specifically to take part in the share offering. Meanwhile, long-standing GCash users accounted for the majority of participation, with about 70 percent having been active customers on the e-wallet for more than two years.
“We can say that we were able to attract beginner investors,” Sy Su noted during a press briefing discussing retail participation in the offer.
Mynt, the parent company and operator behind GCash, raised L60.9 billion in what stands as the Philippines’ largest IPO to date. On its market debut, Mynt shares opened at P6.63 apiece, trading above its P6.60 final offer price, before climbing further to hit a high of P6.71.
Designed primarily for mass-market retail participants rather than institutional or high-net-worth clients who rely on traditional brokerage firms, GStocks PH enables everyday users to register, trade, and manage Philippine Stock Exchange (PSE)-listed shares directly within the GCash mobile app. The underlying infrastructure is powered by partner brokerage AB Capital Securities Inc.
To lower the barrier to entry for novice traders, GCash allows users to activate a GStocks PH account without requiring a minimum initial investment or upfront top-up, though funds must be deposited into the trading balance prior to placing buy orders.
GStocks PH currently serves over 2 million registered users through AB Capital Securities, representing a significant portion of the country’s expanding online retail trading ecosystem.
The influx of app-based investors reflects broader trends in the domestic capital market. According to the PSE’s 2025 Stock Market Investor Profile report, the total number of stock market accounts in the Philippines surged by 27.3 percent to 3.64 million, up from 2.86 million recorded in 2024.
Retail accounts comprised 99.2 percent (3.61 million) of the total investor base, with 3.22 million held through digital trading platforms and e-wallet integrations, marking a 30.5 percent year-on-year growth in online retail accounts.