The initial public offering (IPO) of Mynt Inc., the operator of the country’s fintech behemoth GCash, may fetch a price below its indicative price of P10, analysts said.
Ron Acoba, co-founder and chief investment strategist at Trading Edge-a third-party research provider for banks and brokerage firms in the Philippines-said an IPO price of P7 to P8 per for Mynt is ‘doable,’ while P9 to P10 apiece ‘would require greater confidence that earnings growth can reaccelerate toward historical levels to justify the premium.’
‘We see P8 as a more balanced entry point at 24.7 times annualized 2026 earnings, appropriately recognizing GCash’s dominant digital-finance franchise and long-term growth runway while accounting for near-term earnings normalization and operating headwinds,’ he said. ‘At P7, the risk-reward becomes more compelling at roughly 21.6 times earnings.’
Mynt, he said, enters the public market with a growth record, although the recent moderation in earnings momentum makes valuation increasingly important for prospective investors.
Its net income climbed to P17.25 billion in 2025 from P6.38 billion in 2023. This translates to an annual compounded growth rate of 39 percent.
‘But growth has slowed materially as the business scales,’ Acoba said.
Earnings rose just close to 8 percent in the first half of the year, with second quarter profit declining 6 percent.
Annualized, this year’s performance could grow at 25 percent.
‘Against this backdrop, the upper end of the IPO valuation appears demanding, with P10 implying 38.8 times 2025 earnings and 30.9 times annualized 2026 earnings, while P9 still commands 27.8 times annualized earnings.’
Retail broker COL Financial Group Inc. has valued Mynt with a price-to-earnings ratio of 29.5 times, and is slightly below the $10.9-billion maximum IPO valuation stated in its initial prospectus.
‘We believe that the upgrade is justified by Mynt’s notable earnings recovery in the first quarter, supported by continued growth across its digital financial services businesses. Our valuation also falls largely in line with comparable digital financial services platforms.’
COL said its valuation for Mynt is broadly in line with the 34 times peer average of India’s Paytm, Latin America’s Mercado Libre, South Korea’s Kakao Bank, Singapore’s Sea Limited and Malaysian firm (but now headquartered in Singapore) Grab.
‘We believe that Mynt warrants similar valuation to other fintech leaders, supported by its dominant market position and exposure to the fast-growing digital transactions and lending markets. Our implied multiple also falls in the middle of the 27.7X P/E implied by Mynt’s recent funding round with MUFG and the 31.1X P/E implied by the maximum IPO price from the prospectus.’
The company will offer up to 1.61 billion common shares as part of the primary offer, while up to 6.42 billion shares will be offered and sold by a selling shareholder. The offer also includes an overallotment option of up to 1.20 billion shares. The shares will be sold at an indicative price of P10 apiece.
Assuming the overallotment option is oversubscribed, the company looks to net up to P89.25 billion from the total offer.
Around P14.95 billion worth of net proceeds is expected from the primary offer, which will be used for digital financial services growth, product development and general corporate purposes.
The offer period will run from October 6 to 12, in time for the issuance and listing on the main board of the PSE under the ticker ‘GCASH’ on October 20.