MYNT Inc., the parent company of GCash, opened its initial public offering (IPO) on Tuesday, allowing retail investors to subscribe through the app for as little as P660, or 100 shares, at the final offer price of P6.60 per share.
The offer period runs until Oct. 12 with the company selling more than eight billion shares for the base offering of approximately P53 billion. Mynt is scheduled to list on the main board of the Philippine Stock Exchange on Oct. 20 under the ticker symbol GCASH.
GCash users placing orders via GStocks PH on Oct. 6 and 7 will receive real-time allocation of their first 100 shares. Orders beyond this will be processed on a first-come, first-served basis, subject to availability, with fulfillment starting Oct. 8.
Mynt could generate some P60.9 billion if it fully exercises an overallotment option covering up to 1.204 billion secondary shares, resulting in the largest IPO in Philippine history.
The company has secured commitments from more than 20 global and local institutions, including funds and separately managed accounts managed by investment management subsidiaries of BlackRock Inc., the International Finance Corp., BPI Asset Management and Trust Corp. and Metropolitan Bank & Trust Co. Trust Banking Group. These investors account for about 70 percent of the allocation.
Analysts have also viewed the P6.60 pricing favorably and Philstocks Financial Inc. placed a target price of P9.10 for Mynt, implying a 37.89-percent potential upside from the offer price.
Philstocks said the IPO price valued Mynt at about 24.6 times its projected 2026 earnings, below the 31.16-times average price-to-earnings ratio of selected global peers.
COL Financial Research likewise considers the IPO price discounted against regional peers, which trade at an average of 33.3 times projected 2026 earnings and 24.2 times projected 2027 earnings.
Retail investors can subscribe through GStocks PH without opening a separate bank or brokerage account. Eligible users can transfer funds from their GCash wallet to their trading wallet, access the Mynt IPO banner, enter their desired number of shares and confirm the order.
GCash has more than 90 million registered users, while monthly active users stood at 39.1 million.
Mynt is positioning the IPO as an opportunity for broader retail participation in the country’s capital markets through a fully digital subscription process.
