GCash Parent Mynt Prices IPO at P6.60 a Share, Implying $7 Bn Valuation, Sources Say

Philippine fintech company Mynt, the parent of mobile wallet GCash, has priced its initial public offering at P6.60 a share, two people familiar with the matter told Reuters, indicating a post-listing market value of about P441.5 Bn ($7 Bn) ahead of its planned October 20 debut.

Asked to confirm the reported price, Mynt told Reuters it was “unable to comment on market speculation” and directed stakeholders to official announcements. The final offer price had been scheduled for October 1 after bookbuilding, with the public offer running from October 6 to 12.

The P6.60 price is 34% below the P10 maximum disclosed in Mynt’s preliminary offer terms. That does not mean the company has cut an agreed P10 valuation. The exchange filing described P10 as an “up to” price, leaving the final level to investor demand during bookbuilding. The reported price reflects the market’s valuation of the country’s largest fintech as it transitions from private to public ownership.

At P6.60, Mynt would enter the market at about P441.5 Bn, compared with the P669 Bn maximum implied by the P10 ceiling. The valuation is also below the at-least-$8 Bn level Mynt was seeking earlier this year, according to Reuters, but remains roughly 40% above the $5 Bn valuation secured in its 2024 private funding round.

That reset materially changes the valuation multiple offered to public investors. Mynt reported P79.8 Bn in revenue and P17.2 Bn in net income in 2025. At the reported IPO price, the company would be valued at about 25.6 times last year’s earnings, against almost 39 times at the P10 ceiling.

The lower multiple gives incoming investors more room for Mynt’s future earnings to justify the valuation, particularly as the business moves beyond the rapid adoption phase that made GCash the Philippines’ dominant mobile wallet. It also reduces the risk that too much of the company’s expected growth is already priced in.

Who Takes the Hit

The more immediate impact is on proceeds. Mynt plans to sell up to 8.03 Bn firm shares, consisting of about 1.61 Bn newly issued shares and 6.42 Bn shares sold by existing investors. Assuming the firm offer remains at the maximum share count disclosed in its preliminary terms, at P6.60, the base offer would raise about P53 Bn, down from the P80.3 Bn maximum possible at P10.

However, only a fifth of the firm offer is new stock. On the same assumption, at the reported price, Mynt itself would raise about P10.6 Bn in gross primary proceeds, compared with roughly P16.1 Bn at P10. Existing shareholders selling stock would receive about P42.4 Bn, compared with P64.2 Bn at the maximum price.

That means about P21.8 Bn of the P27.3 Bn reduction in potential base proceeds falls on selling shareholders, not on Mynt. The lower pricing, therefore, has a much larger impact on the cash-out available to early investors than on the fresh capital entering the company.

Mynt said it would use proceeds from its primary shares to expand digital financial services, develop products and support general corporate purposes. The lower price reduces the cash available for those plans but would not increase dilution if the number of primary shares remains at the level disclosed in the preliminary offer terms.

The IPO is expected to result in a public float of about 12.06% without the overallotment option and as much as 13.86% if it is fully exercised, according to the PSE filing. That means the repricing changes valuation and proceeds, not the proportion of the company being opened to public investors.

Institutional Demand Still Matters

The lower price does not, by itself, signal that investor demand has collapsed. More than 20 global and Philippine cornerstone investors have committed P36.5 Bn to the offering, including funds managed by BlackRock, Capital Research and Management, HSBC Global Asset Management, T. Rowe Price, Lazard Asset Management and the International Finance Corporation (IFC).

Mynt said those commitments would cover approximately the entire institutional offer tranche, subject to any reallocation. At P6.60, the P36.5 Bn cornerstone book is equivalent to about 69% of the base offer value, giving the deal substantial institutional support before the public subscription opens.

The pricing, instead, points to a distinction between demand for Mynt and the valuation investors are willing to pay. The company has attracted a large group of institutional buyers, but the reported P6.60 price places the business materially below both the valuation implied by the P10 ceiling and the $8 Bn-plus level discussed earlier in the IPO process.

A Test for the Philippine Market

The operating business remains sizeable. GCash had 39.1 Mn monthly active users (MAU) in 2025 and processed P17 Tn in annual payment transaction value. Mynt generated P79.8 Bn in revenue and P17.2 Bn in net income that year. In the second quarter of 2026, Mynt’s quarterly revenue reached a record P22.4 Bn, according to shareholder Globe Telecom.

That scale is why the listing has become a test not just for Mynt but for the Philippine equity market. Companies raised only $227.1 Mn through equity capital market transactions in the country this year through to September 29, according to LSEG data cited by Reuters.

The lower price also calls into question whether Mynt can claim the Philippines’ largest IPO. The P53 Bn base offer would sit below Monde Nissin’s P55.89 Bn 2021 record. But Mynt has an overallotment option for another 1.20 Bn secondary shares, which would lift total proceeds to about P60.9 Bn at P6.60 and put the transaction above Monde Nissin if exercised in full.

For investors, the October 20 debut will test whether the lower valuation is enough to offset the execution risk of sustaining growth from an already large base. At P6.60, Mynt offers the same GCash franchise and growth strategy at a materially lower earnings multiple than the P10 ceiling implied. For the company and its selling shareholders, the trade-off is clear: less cash and a lower headline valuation in exchange for a potentially more sustainable entry point into the public market.