SHARES of Mynt Inc. (PSE: GCASH) slightly fell on its second day of trading on Wednesday at the Philippine Stock Exchange, closing at P6.59 from its offer price of P6.60 apiece.
Abacus Securities Corp. said its opening day of trade being flat suggests active price stabilization by the offering’s underwriters.
The broker said, however, selling pressure appeared limited, with total offer volumes staying below half of the total bid volume throughout most of the session.
‘Conversely, local buyers seemed willing to absorb whatever foreigners were selling. Then again this might be the stabilization fund; but our view is that there is evidence that the hype worked to some extent,’ it said.
Abacus warned that as Mynt prepares to report earnings next month via parent company Globe Telecom Inc., the risk of a disappointment is higher not only because of the hype but also due to the precedent set in second quarter, which saw a decrease quarter-on-quarter.
‘For those who are looking to buy GCASH, therefore, it is probably best to wait until Globe’s third quarter earnings release and/or briefing, which will probably be in the second week of November,’ added the trader.
COL Financial Inc., meanwhile, said that the GCash e-wallet operator is primed to capitalize on the country’s surging adoption of digital finance.
COL Financial projects Mynt’s revenues to expand by 15 percent this year to reach P91.7 billion. The online stockbrokerage firm also forecast another 24-percent growth to P113.6 billion in 2027, propelled by steady transaction volume gains and rapid growth within its ‘CreditTech’ credit portfolio through subsidiary Fuse Financing Inc.
Meanwhile, we expect net income to increase by 18 percent year-on-year to P20.4 billion in 2026 and 26.8 percent year-on-year to P25.8 billion in 2027, COL Financial said.
The broker also expects Mynt’s credit arm to increase to P132.3 billion by 2028, a 40.2-percent three-year compound growth rate from 2025, outperforming broader industry trends.
Meanwhile, Eric Jurado, hedge fund manager at SeA (Southeast Asia) Focus Portfolio, said Mynt’s broader growth narrative will play out over the coming decade.
‘The IPO does not automatically make these services better. That remains Mynt’s responsibility. But the capital raised and the company’s transition to public ownership can support its next phase of growth, including product development and business expansion,’ Jurado said.
‘The ultimate measure of success for users will be whether Mynt continues to deliver useful, reliable services and expands access to financial opportunities,’ he added.
According to Jurado, Mynt’s debut gives investors a chance to hold a direct stake in a premier Philippine fintech enterprise, proving that a Philippine business can attract capital at scale and gives investors another opportunity to participate in the country’s corporate growth.
‘The real questions are whether [Mynt] can keep serving more customers, strengthen its competitive position, grow earnings per share and create lasting value for its owners. Today, the market gave GCASH its first public price. From here, the business must build its long-term value,’ he said.