Mynt prices GCash IPO at P6.60, aims to raise up to P60.9B

Mynt, the parent company of mobile wallet operator GCash, has set its initial public offering price at P6.60 per share, confirming a significant discount from the earlier P10 ceiling. The company plans to sell up to 8.03 billion primary shares, potentially raising P53 billion, with an overallotment option for 1.2 billion additional shares that could lift total proceeds to P60.9 billion.

If fully subscribed, the deal would surpass Monde Nissin's 2021 listing to become the Philippines' largest-ever IPO. Large investors have already committed to purchasing P36.5 billion worth of shares ahead of the public offer, according to the preliminary prospectus.

“At P6.60, GCash/Mynt is less stretched than the original P10 range, but we wouldn't call it cheap.”

At the offer price, Mynt carries a market valuation of roughly P442 billion, or 25.6 times trailing earnings, down from the P669 billion implied at P10. Analysts note the 34% reduction reflects market pushback driven by a weak peso, inflation concerns, and the unresolved US-Iran conflict.

DragonFi Securities analyst Jarrod Tin said the valuation is "less stretched" but not cheap, flagging credit quality as a key risk as provisions already account for 44.1% of CreditTech revenue. Mynt's public float of 12.06% to 13.86% also remains below the 15% threshold for PSE index inclusion.

Financial results show the business entering a more mature phase. Net income rose just 7% year-on-year to P10.82 billion in the first half of 2026, while core operating cash earnings (EBITDA) dipped 4% to P11.76 billion and operating margins tightened from 31.3% to 27.3%.

A lock-up expiration around April 18, 2027, could make about two-thirds of shares eligible for sale, presenting a further consideration for investors.