Setting the initial public offering price of Mynt Inc., the operator of GCash, at P6.60 per share—near the lower end of its indicative range—does not signal trouble, according to market watchers. The figure lands close to the mid-point of the original P10-per-share indicative price band.
April Lynn L. Tan, investor relations chief at COL Financial Group Inc., explained the adjusted pricing reflects broader market weakness rather than issues with the company itself. “I don’t think it’s a red flag. As you know, the index is quite weak,” she said. At P6.60, the stock trades at roughly 21 to 22 times this year’s forecast earnings, which Tan noted sits at the lower end compared to global peers—an attractive position for investors. She also pointed to strong backing, with at least 20 cornerstone investors involved. International funds including Albizia Capital, Amundsen Investment Management, HSBC Global Asset Management (UK), and Ninety One are participating, marking first-time commitments in the Philippines or Southeast Asia for several of these firms. Tan added the lower price makes shares more accessible, reducing the risk of a post-listing drop and improving chances of price growth.
Jonathan Ravelas, senior adviser at Reyes Tacandong and Co., agreed the offering deserves optimism given GCash’s lead in Philippine digital finance, but stressed the business now extends far beyond payments. “It is increasingly a digital financial services ecosystem story,” he said. Investors are valuing not just current market leadership, but the potential to turn its large user base into earnings through lending, wealth management, insurance and other services. With around 41.5 million monthly active users as of June—more than a third of the population and half the country’s adults—building a rival would require matching far more than just a mobile wallet, including comparable customer numbers, merchant networks, infrastructure, brand trust and regulatory know-how.
Even so, Ravelas cautioned the real test lies ahead: how effectively Mynt converts its reach into steady profits. Lending offers major room to grow, but rising competition could slow expansion and squeeze margins. Success will hinge on strong credit quality, solid risk management and sharp execution, he said. Prospective investors should track profitability, loan performance, user engagement and revenue per user closely. “The market will reward GCash not for how many users it has, but for how successfully it turns those users into long-term, profitable relationships,” Ravelas noted.
Mynt’s offering has also set a regulatory milestone as the first to use the Securities and Exchange Commission’s relaxed public float rules for large issuers. Under SEC Memorandum Circular No. 11 of 2026, firms projected to hit a market value above P200 billion need only make 12 percent of shares public, down from 15 percent. Mynt’s projected capitalization stands at P668.96 billion, well above that threshold. Share subscriptions run from October 6 to 12, with trading starting October 20 on the Philippine Stock Exchange under the ticker GCASH.
