Mynt opens P53-B IPO
MANILA, Philippines — Mynt Inc., the parent company of the group behind GCash, opened its approximately P53-billion initial public offering (IPO) on Tuesday, with investors able to subscribe through the digital wallet’s GStocks PH platform.
The offer runs from Oct. 6 to Oct. 12 at P6.60 per share. Through GStocks PH, the minimum subscription is 100 shares, costing P660.
READ: GCash at P6.60 instead of P10: Is It Really a Bargain?
Mynt said the first 100 shares ordered through the platform on Oct. 6 and Oct. 7 would receive real-time allocation, subject to availability.
GStocks PH, offered by AB Capital Securities Inc. within the GCash app, imposes no maximum order limit for the IPO. Allocations, however, depend on available shares.
“By allowing users to set up and fund their wallets in a matter of minutes, and be able to participate responsibly in the capital markets, we are proving that investing and building a stronger financial future is no longer out of reach for Filipinos,” said Winsley Bangit, group head of new businesses at Mynt.
Orders exceeding the first 100 shares will be processed on a first-come, first-served basis. Order fulfillment starts Oct. 8, and investors can track their allocation status through the platform.
Should demand exceed AB Capital’s initial share allocation, investors may continue placing orders and await the results after the offer period. These subscriptions are not guaranteed, and unused funds will be refunded.
Philstocks Financial Inc. pegged Mynt’s target price at P9.10, representing a potential upside of 37.89 percent from the offer price.
Its valuation uses projected 2026 earnings per share of P0.29 and an average price-to-earnings (PE) ratio of 31.16 times among selected global peers.
The brokerage forecasts revenue rising to P147.792 billion by 2030 from P79.843 billion in 2025, or average annual growth of 13.2 percent.
It projects net income reaching P33.435 billion from P17.249 billion over the same period, averaging 14.24 percent growth annually.
READ: GCash cues P5.7B of IPO funds for lending
COL Financial Inc. likewise sees the offer price as a discount to regional peers, whose projected PE ratios stand at 33.3 times for 2026 and 24.2 times for 2027.
Mynt said it had secured its permit to sell from the Securities and Exchange Commission, with its registration statement taking effect on Oct. 5.
It said the base offer covers more than 8 billion shares. Full exercise of the overallotment option for up to 1,204,111,400 secondary common shares would bring the offering to approximately P60.9 billion, making it the country’s largest IPO. INQ
