TAGUIG CITY, Philippines — Philippine financial technology company Mynt Inc., the operator of mobile wallet GCash, has finalized its initial public offering (IPO) price at ₱6.60 per share. The decision sets the total potential deal size at up to ₱60.9 billion after accounting for overallotment shares.
The market debut features an offering of 8.03 billion common shares, alongside an overallotment option of up to 1.2 billion secondary common shares.
Evaluating the valuation, COL Financial Chief Equity Strategist April Tan noted that the offer price implies roughly 22 times the company’s projected earnings per share, placing the figure at the lower end among comparable Asian fintech firms.
Jonathan Ravelas, senior adviser at Reyes Tacandong & Co. and capital markets expert, observed that market interest spans beyond GCash’s core transaction operations.
“The optimism surrounding GCash’s IPO is understandable given its dominant position in the Philippine digital finance space, but investors should recognize that this is no longer just a payments story. It is increasingly a digital financial services ecosystem story,” Ravelas said.
Ravelas noted that investor sentiment, framed by cornerstone demand, reflects broader growth potential.
“investors appear to be valuing not only GCash’s current market leadership but also its ability to monetize its vast user base through lending, wealth management, insurance, and other financial services,” he said.
He emphasized that market focus will transition toward operational execution and revenue resilience over time.
“The real test going forward is how effectively the company can convert scale into sustainable earnings. While lending offers a significant growth runway, competition is intensifying and could place pressure on both growth and margins,” Ravelas added.
While GCash holds a robust advantage through user reach and transaction data, Ravelas highlighted that success in credit expansion depends heavily on credit quality, risk management, and strong execution.
“For prospective investors, the key metrics to watch are profitability, loan portfolio performance, customer engagement, and the company’s ability to generate higher value from each user. In short, 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,” he stated.
Mynt previously announced a lineup of 20 cornerstone investors—comprising 14 international funds and six local institutions—committed to securing 70% of the offered IPO shares.
High-profile institutional participants include BlackRock Inc., Capital Research and Management Company, Schroder Investment Management, T. Rowe Price, and the International Finance Corporation.
“The aggregate commitments from over 20 cornerstone investors would cover approximately the entire Institutional Offer tranche of the IPO, subject to any reallocation between tranches of the Offer,” Mynt stated.
According to Mynt, the cornerstone roster represents the largest group assembled for a Philippine IPO, contingent on final pricing, offer completion, and standard closing conditions.
The international cohort includes Albizia Capital Pte. Ltd., Amundsen Investment Management, FIL Investment Management (Hong Kong) Ltd., HSBC Global Asset Management (UK) Ltd., Lazard Asset Management LLC, Ninety One North America, Inc. and Ninety One UK Ltd., NS Partners Ltd., RWC Asset (US) LLC and RWC Asset Management LLP, and Surveyor Capital.
Domestic participants consist of ATRAM Trust Corporation, BPI Asset Management and Trust Corporation, China Bank Capital Corporation, Metrobank – Trust Banking Group, Philequity Management, Inc., and RCBC Capital Corporation.
The lineup features milestone commitments in the regional capital market, with Albizia Capital, Amundsen Investment Management, and HSBC GAM making their cornerstone debuts in the Philippines, while Ninety One North America, Inc. and Ninety One UK Limited enter their first cornerstone commitments within Southeast Asia.