GCash Parent Mynt Edges Below IPO Price after a Record $967 Mn Listing

Mynt, which owns GCash, the Philippines’ largest finance app, closed at P6.59 on Wednesday, a centavo below its offer price, on its second day of trading after raising P60.9 Bn ($967 Mn) in the country’s largest initial public offering.

On its Tuesday debut, the stock rose as much as 2.4% to P6.76 before closing flat at P6.60, valuing the company at P441.5 Bn ($7 Bn).

Globe Telecom is Mynt’s largest shareholder, while other backers include Ayala Corp and the Ant Group. At its debut valuation, Mynt is the seventh-largest domestic company on the Philippine Stock Exchange (PSE) by market value, and its offering broke the IPO record held by food manufacturer Monde Nissin since 2021.

Compared with several recent regional technology listings, Mynt’s flat debut was relatively steady. AI infrastructure company Firmus pulled its Australian IPO, South Korea’s Elice fell on its debut, and two Hong Kong listings closed below their offer prices, Reuters reported.

The first two sessions also showed where demand stopped. Institutions filled Mynt’s order book at P6.60, but buyers were unwilling to pay much more once trading began. Whether the valuation holds now depends on what investors make of the business behind it.

Pricing a Record IPO

Mynt priced its shares at P6.60, 34% below the P10 maximum in its regulatory filing. The company rejected the suggestion that this represented a discount to an intended offer price. CFO Evelyn Ng said P10 was an administrative ceiling required for the listing application. At that ceiling, Bloomberg says Mynt could have been valued at more than $10 Bn, versus the $7 Bn at which it listed.

Even at P6.60, investors are paying about 26 times Mynt’s 2025 net income of P17.2 Bn. On COL Financial’s forecasts of P20.4 Bn in net income this year and P25.8 Bn in 2027, that falls to about 22 times and 17 times, respectively. Ke Yan, head of research at Singapore-based Shenton Research, told Reuters that issuers must balance valuation with raising enough money to complete a deal.

Most of the money raised does not go to the company. The offer comprised P53 Bn in firm shares, with the P60.9 Bn total including an overallotment option. As Entrepreneur APAC previously reported, four-fifths of the base offer consisted of existing shares. Mynt’s newly issued shares raised approximately P10.6 Bn before expenses, leaving up to about P50 Bn attributable to selling shareholders if the overallotment option is fully exercised, and making the listing primarily a liquidity event for earlier investors.

Read: Mynt’s $844 Mn IPO Puts ASEAN’s Fintech Exit Market to the Test

Who Bought

Cornerstone investors carried the deal. PSE president and CEO Ramon Monzon said 19 foreign and six domestic cornerstones took 59.8% of the shares offered, including BlackRock, Fidelity International, Surveyor Capital, a Citadel company, and the International Finance Corporation. Other institutions took another 21.9%.

Read: GCash Parent Mynt’s Record IPO Draws Global Funds as Early Backers Sell Down

Domestic demand was also firm. Local trading participants placed orders for 2.65 Bn shares against an allocation of 1.6 Bn, according to the PSE.

Mynt also turned its own app into a distribution channel. According to the PSE, 140,725 GCash subscribers invested approximately P1.1 Bn through GStocks PH, the in-app trading platform operated by licensed broker AB Capital Securities, with a minimum purchase of P660, or 100 shares. Monzon said many were buying shares in a listed company for the first time, and BusinessMirror reported that as many as one in eight had signed up for GCash only in the days before the offer.

That reach is real but small in the deal’s arithmetic. Retail subscriptions through the app accounted for about 1.8% of the P60.9 Bn raised, leaving the share price to institutional appetite.

From Payments to Lending

GCash’s scale is not in question. The app had 41.5 Mn monthly active users in the quarter ended June 2026, nearly 56% of the Philippines’ adult population, and processed P9.84 Tn in payments in the first half of the year. Nearly 90% of its customers come from low- to middle-income households, the company said.

Mynt’s current growth is in credit. Its lending arm, Fuse Financing, had cumulatively disbursed P406 Bn in loans to more than 11.1 Mn borrowers by March 2026, up 60% from a year earlier, the company said. Mynt will use its share of the IPO proceeds to grow its digital financial services business and develop new products.

Earnings will be the key valuation metric. Revenue rose 10.4% YoY to P43.27 Bn in the first half of 2026, while net income rose 7.3% to P10.82 Bn. So, profit is growing more slowly than sales. Earlier this year, First Metro Securities also flagged the risk that tighter online gambling rules could weigh on Mynt’s earnings more than expected.

Abacus Securities wants evidence before investors buy. The broker warned of an elevated risk of earnings disappointment after Mynt’s profit fell QoQ in the second quarter, and suggested investors wait for Globe Telecom’s third-quarter results, due in early November, which will carry Mynt’s latest numbers.

A Debut under Market Pressure

Mynt listed into a weak market. The peso fell to a fresh record closing low of P63.361 against the U.S. dollar on Wednesday, while the benchmark PSE index rose 0.26% to 5,821.51 but remained down approximately 3.8% for the year. Foreign investors sold a net P20.86 Bn of Philippine equities between January and August, according to exchange data cited by Reuters.

Interest rates add another test. The Bangko Sentral ng Pilipinas will announce its policy decision on Thursday, and brokerage 2TradeAsia expects a 25-basis-point hike after inflation hit 7.2% in September.

Equity fundraising had all but dried up. Mynt was the first company to complete an IPO on the PSE this year, and the Philippines accounted for just 1.7% of the $13.06 Bn raised in Southeast Asian equity markets in the first nine months, according to LSEG data cited by Reuters.

Attracting global institutions in those conditions is a meaningful result for Manila. However, it does not guarantee that the same investors will keep adding to their positions now that the shares trade freely.

What Holds the Price

The first month could benefit from stabilisation buying. UBS, acting as a stabilising agent, may buy up to 1.204 Bn overallotment shares in the market during a stabilisation period that ends no more than 30 days after listing. That support can steady trading, but it does not guarantee a price.

After that, the shares will trade on fundamentals. Globe’s early November results will give investors their first post-listing read on Mynt’s earnings. Beyond that, investors will look for faster earnings growth, evidence that lending can expand without rising bad loans, and steady demand once the stabilisation period ends.

Mynt has achieved what many ASEAN venture-backed companies have struggled to deliver: a large domestic listing backed by international institutions and an established earnings base. Whether it becomes the region’s next technology listing benchmark will depend on whether its earnings can grow into a $7 Bn valuation.