MYNT’S proposed initial public offering (IPO) price range of P8 to P10 per share is seen as crucial in determining investor demand as it prepares to enter the stock market amid moderating earnings growth.
Mynt is the parent company of GCash.
Trading Edge Consultancy said the lower end of the indicative range offers a more reasonable valuation for prospective investors, while the upper end would require stronger confidence that Mynt’s earnings growth can regain its historical pace.
“Mynt enters the public market with an impressive growth record, although the recent moderation in earnings momentum makes valuation increasingly important for prospective investors,” the consultancy said.
At P10 per share, Mynt would be valued at 38.78 times its 2025 earnings and 30.90 times its annualized 2026 earnings, based on the consultancy’s analysis.
At P9, the implied multiples are 34.91 times and 27.81 times, respectively, while P8 corresponds to 31.03 times 2025 earnings and 24.72 times annualized 2026 earnings.
The valuation comes against a backdrop of slowing profit growth as the business scales.
Mynt’s net income increased from P6.38 billion in 2023 to P11.13 billion in 2024 and P17.25 billion in 2025, translating to a three-year compound annual growth rate of 39.3 percent.
The P8 per share represents a more balanced entry point, taking into account GCash’s dominant position in digital financial services while recognizing the near-term moderation in earnings.
The consultancy estimated that annualized 2026 earnings imply about 25.5 percent growth for the full year, significantly below Mynt’s historical growth trajectory.
It said P7 would offer the most compelling valuation at about 21.6 times annualized 2026 earnings, while P9 to P10 would require greater confidence in a reacceleration of earnings growth.
Trading Edge chief investment strategist Ron Acoba said the IPO price would be a major factor in determining demand from both international and local investors.
“As typical in share sales, IPO price to be negotiated/haggled would determine demand from both international and local investors, especially if there would be upside potential from the point of view of buyers,” Acoba said.
He noted that while sellers would seek the highest possible price to maximize Mynt’s valuation based on its widespread use, market share, scale and reach, investors would generally be more attracted to a lower offering price relative to their assessment of the company’s current and future value.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., also emphasized the importance of finding a price that balances the interests of buyers and sellers.
“If the price is right, meeting somewhere in between the buyers and sellers,” Ricafort said.
Mynt has secured approval from the Securities and Exchange Commission for an IPO of up to P92.32 billion, involving up to 66.9 billion shares, with a 12-percent minimum public float.