MYNT on Friday confirmed reports of an initial public offering (IPO) price of P6.60 per share, a level seen as more defensible than the earlier P10 ceiling for what could be the Philippines’ biggest listing.
The parent firm of mobile wallet operator GCash plans to sell up to 8.03 billion shares. At P53 billion, the deal would rank as the Philippines’ second-largest IPO on record after Monde Nissin Corp.’s 2021 listing.
It could raise as much as P60.9 billion via an option to sell up to 1.2 billion additional shares. If the overallotment is fully exercised, it would become the country’s largest-ever IPO.
The deal will help boost the Philippine stock market, where companies have raised only $227.1 million through share sales this year as of Sept. 29, down 71 percent from the same period last year, according to LSEG data.
The Philippines accounted for just 1.7 percent of the $13.06 billion raised across Southeast Asia’s equity markets in the first nine months of 2026, LSEG data showed.
Large investors have agreed to buy P36.5 billion of shares before the public sale opens, according to Mynt’s preliminary prospectus.
At P6.60, Mynt is valued at roughly 24.6 times trailing earnings, while ongoing revenue growth stands at 47.3 percent, DragonFi Securities research analyst Jarrod Tin told The Manila Times.
“At P6.60, GCash/Mynt is less stretched than the original P10 range, but we wouldn’t call it cheap,” he said.
Tin said the roughly 34-percent reduction from the P10 ceiling reflected market pushback amid a weak peso, inflation concerns and the unresolved US-Iran conflict.
He also pointed to credit quality as a key concern as Mynt’s growth increasingly relies on unsecured lending. Provisions already account for 44.1 percent of CreditTech revenue, Tin noted.
Investors should also monitor Mynt’s public float, he said, which at 12.06 percent to 13.86 percent remains below the 15-percent threshold for inclusion in the Philippine Stock Exchange index.
The lock-up expiration around April 18, 2027, when about two-thirds of the company’s shares could become eligible for sale, will also be an important consideration, he added.
Jonathan Ravelas, Reyes Tacandong & Co. senior adviser, said the IPO should be viewed beyond GCash’s dominant position in digital payments, as the company expands into lending, wealth management, insurance and other financial services.
“At the reported cornerstone pricing, investors appear to be valuing not only GCash’s current market leadership but also its ability to monetize its vast user base through lending, wealth management, insurance and other financial services,” he said.
“The real test going forward is how effectively the company can convert scale into sustainable earnings.”
Ravelas said competition in lending could pressure both growth and margins, while credit quality, risk management and execution would be critical as GCash expands its financial services.
Juan Paolo Colet, managing director at investment bank China Bank Capital Corp., described P6.60 as a good IPO price point, saying it gives new investors potential for future upside while providing selling shareholders a fair exit valuation and giving the company fresh funds for its next phase of growth.
BDO Capital & Investment Corp. president Eduardo Francisco also welcomed the final price and rising demand for the offering, saying demand had strengthened since the cornerstone agreement was announced.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., meanwhile, also noted that P6.60 was below the P10 ceiling and said Mynt’s market performance would depend on the amount raised and the resulting supply of shares.
A market source described P6.60, which was also the clearing price for cornerstone investors, as a good price level and said it represented a discount to regional peers.
The source added that Mynt’s third-quarter 2026 results would be an important benchmark for determining whether its shift toward online lending is working.
Mynt operates GCash and is set to list on the PSE Main Board following its IPO. The public offering is scheduled for Oct. 6 to 12, with listing targeted for Oct. 20, subject to regulatory and listing requirements.
