Orders for Mynt Inc.’s initial public offering ran well ahead of the shares set aside for several Philippine brokers, as investors tried to secure a stake in the company behind the GCash e-wallet. Mynt is due to start trading on the Philippine Stock Exchange on 20 October under the ticker GCASH.
Regina Capital and Development Corp.’s allocation was four times oversubscribed, according to its head of sales, Luis Limlingan. AB Capital Securities, which takes subscriptions through the GCash app, said its allocation was 165.11 per cent oversubscribed as of the Friday before the offer closed. About 2.41 billion shares, 30 per cent of the 8.03 billion-share base offer, were reserved for local trading participants and small investors. The offer period ran from 6 to 12 October at P6.60 per share.
The base offer comprises 1.61 billion primary shares and 6.42 billion secondary shares, worth about P53 billion at the offer price. An overallotment option of up to 1.20 billion secondary shares could lift the deal to 9.23 billion shares and P60.9 billion, which would make it the largest IPO in the country’s history if fully exercised. Mynt expects gross primary proceeds of P10.6 billion, with 60 per cent earmarked for its CreditTech business, 20 per cent for product development and 20 per cent for general corporate purposes.
April Tan, chief investment strategist at COL Financial, said retail interest was strong and that about 22 cornerstone investors had helped draw others in.
“And the price is also good, not expensive,” she said. COL values Mynt at 21.7 times 2026 forward earnings and 17.1 times 2027 earnings at P6.60, against regional peer averages of 33.3 times and 24.2 times. It says GCash has 41.5 million monthly active users, or 56 per cent of the country’s adults, and 7.5 million active borrowers, about 18 per cent of users. Eric Jurado of SEA Focus Portfolio said the price implies annual earnings growth of 25.8 per cent from 2026 to 2028 and “does not require heroic assumptions”.
Mynt earned net income of P17.15 billion in 2025, and Jurado noted the valuation does not depend on GCash keeping up its historical compound annual growth rate of 39 per cent. COL sees further room in lending, given that digital payment penetration reaches 70 to 80 per cent in more developed markets, as well as in merchant acquiring and remittances from overseas Filipino workers. The shares begin trading on 20 October.
