GCash eyeing P7.50-8.50 IPO price while analysts back P10 ceiling

Insider Spotlight

• Analyst research supports Mynt’s P10-per-share IPO ceiling, with valuations reflecting its market leadership, profitability and growth runway
• Mynt officials, who asked not to be named, said the final IPO price will definitely be below the ceiling to leave meaningful upside for investors
• Institutional bookbuilding will ultimately determine the offer price, making the gap between the ceiling and final pricing part of normal price discovery
  
  
  
  

Analysts see enough fundamental value in GCash operator Mynt Inc. to justify its P10-per-share maximum IPO price, but company officials say investors should not expect the landmark offering to actually be priced that high.

Officials familiar with the upcoming deal told InsiderPH that the IPO will “definitely” be priced below the P10 ceiling — likely within the P7.50 to P8.50 per share range — with the company seeking to leave upside on the table for investors rather than maximize valuation at listing.

Why it matters

The distinction puts the P10 maximum in context. Instead of being the expected offer price, the ceiling provides regulatory and bookbuilding headroom while institutional investors determine where demand clears.

Analyst research supports that headroom, according to briefing materials sent to institutional investors. AB Capital Securities estimates Mynt's equity value at P531 billion to P834 billion using a discounted cash flow model, saying the fintech deserves a premium because it combines structural growth, established profitability and a long runway to monetize its customer base.

The fundamentals

Morgan Stanley likewise highlighted Mynt's profitability at scale. The fintech generated P17.2 billion in net income in 2025 on P79.7 billion in adjusted revenue, equivalent to a 21.6 percent net margin, while return on equity stood at 32.1 percent. In the first half of 2026, its net margin strengthened to 25.2 percent.

Morgan Stanley estimates Mynt could generate P21.2 billion in net income in 2026, maintaining a 22.6-percent margin and return on equity of about 28 percent.

What to watch

The final IPO price will still be set through bookbuilding, where institutional demand will determine how much of the valuation upside Mynt leaves for new shareholders.

Pricing below the ceiling could also strengthen the broader narrative around the transaction. As one of the Philippines' largest technology listings, GCash has an opportunity to bring a major homegrown fintech to the public market while drawing a wider pool of Filipino retail investors into equities.

For Mynt, that makes the objective bigger than securing the highest possible IPO valuation: price the deal attractively enough that investors can participate in the company's next stage of growth.  —Daxim L. Lucas | Ed: Corrie S. Narisma