Mynt Inc., the company behind leading fintech platform GCash, may see its upcoming initial public offering (IPO) priced below the stated P10 indicative level, according to market analysts. The IPO is set to run from October 6 to 12, with shares scheduled to list on the Philippine Stock Exchange main board under the ticker “GCASH” on October 20.
Ron Acoba, co-founder and chief investment strategist at research firm Trading Edge, explained that a price range of P7 to P8 per share appears realistic, while levels from P9 to P10 would require stronger confidence that earnings growth can speed back up toward earlier rates to justify the higher valuation. He described P8 as a balanced entry point, representing 24.7 times annualized 2026 earnings, one that acknowledges GCash’s market leadership and long-term potential while factoring in current slower earnings trends and business challenges. At P7, the share becomes even more attractive in terms of risk and reward, at about 21.6 times earnings. Acoba noted that while Mynt has a strong growth history, profit increases have slowed as the business expands, making the offering price especially important for new investors. The company’s net income rose from P6.38 billion in 2023 to P17.25 billion in 2025, marking an annual growth rate of 39 percent, but earnings grew only around 8 percent in the first half of the year, with second-quarter profit dropping 6 percent. At the upper indicative price of P10, valuations would be comparatively high, representing 38.8 times 2025 earnings and 30.9 times annualized 2026 earnings, while a P9 price would still stand at 27.8 times annualized earnings.
In contrast, retail broker COL Financial Group Inc. has valued Mynt at a price-to-earnings ratio of 29.5 times, slightly below the maximum $10.9 billion valuation mentioned in the company’s prospectus. COL said its valuation is reasonable given Mynt’s first-quarter earnings recovery and ongoing growth across digital financial services, and aligns with valuations of similar global fintech platforms including Paytm, Mercado Libre, Kakao Bank, Sea Limited, and Grab. The broker added that Mynt’s strong market standing and exposure to expanding digital transactions and lending support such a valuation, which also falls between the multiples seen in its recent MUFG funding round and the maximum IPO price.
For existing shareholders, a lower-than-indicative IPO price would mean reduced immediate proceeds from shares being sold, though it could also support more stable long-term performance if the valuation better matches actual business trends. Selling shareholders are offering up to 6.42 billion shares in the offering, alongside up to 1.61 billion new primary shares from the company. An overallotment option of up to 1.20 billion shares is also included. If fully exercised, Mynt expects to raise net proceeds of up to P89.25 billion in total, with about P14.95 billion from the primary portion earmarked for expanding digital financial services, product development, and general corporate needs.
For incoming investors, a lower entry price offers a more favorable balance between cost and future growth potential, particularly as they weigh the company’s impressive past gains against recent slower earnings momentum. For the wider fintech industry, Mynt’s IPO will serve as a key market benchmark. The valuation outcome will influence how investors assess the value of other digital finance players, and will reflect broader confidence in the sector’s growth prospects and profitability in the Philippines and comparable regional markets.
