GCash, the fintech platform used by 49 million Filipinos or 42% of the population, remains in the early stages of development with significant room to expand into banking and other financial services, according to a senior business adviser.
Jonathan Ravelas of Reyes Tacandong and Co. said diversification will drive growth for parent firm Mynt Inc. in the coming years, noting the company already has a solid ecosystem to support new products. “They are already a widely used wallet. They just need to add more offerings. GCash is becoming a financial supermarket—greater awareness of investing and earning passive income will draw more users and transactions,” he stated at the Kapihan sa Manila Bay forum on Wednesday.
Mynt is in final regulatory clearance to list 9.23 billion common shares on the Philippine Stock Exchange at up to ₱10 per share—8.02 billion primary shares and 1.2 billion secondary shares for oversubscription. Proceeds from primary shares will fund expansion and new digital financial tools. If successful, Mynt will be the country’s first listed fintech firm; Maya Philippines is also eyeing an IPO next year.
Ravelas compared the IPO to “buying at fried chicken prices for a Peking duck-quality product.” He explained the current valuation is modest compared to expected growth over three to five years as more users join and use the platform more deeply.
A key strength is GCash’s reach to the unbanked, aligned with Bangko Sentral ng Pilipinas’ push for digital finance. “The digital landscape is full of untapped potential,” Ravelas added.
The IPO comes amid a sluggish local stock market with few new listings. Ravelas emphasized the ₱10 rate is a ceiling, not a guaranteed price or success measure. “Bookbuilding will determine true value based on actual demand. Pricing below the cap can be healthy, leaving room for long-term gains,” he said, stressing quality investor support matters most.
The offer represents 12–13.8% of post-IPO shares. Existing shareholders will hold 88% after the base offer, or 86.2% if oversubscription is fully exercised. Primary shares provide new capital, while secondary shares allow partial divestment—not a full exit—by current owners.
