MYNT, the parent company of GCash, has confirmed an initial public offering (IPO) price of P6.60 per share, a strategic adjustment from the previously set P10 ceiling. This pricing could enable the firm to raise as much as P60.9 billion, contingent on the sale of additional shares.
Implications for the Philippine Stock Market
The real test going forward is how effectively the company can convert scale into sustainable earnings.
Jonathan Ravelas, Senior Adviser, Reyes Tacandong & Co.
The IPO involves selling up to 8.03 billion shares, positioning it as potentially the largest IPO in Philippine history if all options are fully exercised. Currently, the offering ranks as the second-largest, following Monde Nissin Corp.'s 2021 IPO.
This move is particularly important as the Philippine stock market struggles with a significant drop in fundraising, collecting only $227.1 million through share sales this year, a 71 percent decline compared to 2025.
Preliminary data indicates that large investors have already committed to purchasing P36.5 billion in shares, signaling strong early interest. Analysts note that at P6.60, MYNT is valued at approximately 24.6 times trailing earnings.
Market experts, including DragonFi Securities analyst Jarrod Tin, indicate that while the adjusted price is less aggressive than the original P10 range, it still reflects caution amidst inflation concerns and geopolitical tensions.
Ravelas emphasizes the need to view this IPO as more than just GCash's existing market dominance, highlighting the company’s expansion into various financial services such as lending and wealth management.
The public offering is scheduled from October 6 to 12, with a target listing date of October 20, pending regulatory approvals. This timeline is critical for gauging investor sentiment and market readiness.