Post-listing value, expansion to define GCash IPO success — analyst

MANILA, Philippines — The ultimate success of GCash operator Mynt Inc.’s Initial Public Offering will be defined by sustainable post-listing value creation and regional expansion, rather than its initial P10 maximum price ceiling, according a capital market expert.

The insights from capital market expert Jonathan Ravelas came as the Philippine Stock Exchange (PSE) officially granted its approval on Friday, September 18, for Mynt’s listing application covering up to P92.3 billion. The landmark transaction is expected to become the largest public offering in Philippine stock market history.

Speaking at the most recent Kapihan sa Manila Bay’s news forum, Ravelas explained that the P10 maximum offer price contained in Mynt's regulatory filing represents a standard regulatory ceiling designed to afford the issuer operational flexibility throughout the transaction process.

He clarified, however, that the figure is neither the company's target price nor its guaranteed final valuation, pointing out that pricing will be established through a rigorous institutional book-building process.

“The P10 is a ceiling, not a promise, and certainly not a measure of whether the IPO succeeds or fails. Price discovery is precisely what book-building is for,” Ravelas noted, stressing that the market will evaluate demand, company fundamentals, and comparable industry metrics to determine the clearing price.

For prospective investors, Ravelas underscored that the more critical consideration is whether the offering attracts credible long-term institutional capital capable of establishing a strong foundation for sustained growth after listing on the exchange.

He highlighted that the "fintech unicorn," backed by Globe Telecom Inc., Ayala Corp., and Ant Group, maintains a substantial runway for revenue expansion as it converts its vast user ecosystem into a full-scale digital financial services supermarket.

By expanding its core offerings into micro-lending, wealth management, cross-border payments, and merchant digital services, Mynt can continue to monetize its base of over 90 million registered users and 49 million active accounts.

Addressing retail investor participation, Ravelas emphasized that the historic debut offers everyday Filipinos — "Mr. Juan dela Cruz and Ms. Juana dela Cruz" — a direct stake in the country's accelerating digital economy, shifting consumer roles from mere app users to equity owners.

The sentiment was mirrored by Scam Watch Pilipinas Co-Founder Jocel De Guzman, who welcomed the capital market milestone while reinforcing the necessity for ongoing consumer protection measures and heightened digital security awareness as retail market participation expands.

Meanwhile, Department of Trade and Industry Secretary Cristina Roque highlighted the structural gains for local enterprises, stating that digital payment infrastructure allows micro, small, and medium enterprises to penetrate remote markets and seamlessly prepare for regional cross-border commerce under the upcoming ASEAN Digital Economy Framework Agreement.

Under the official terms cleared by the PSE board, Mynt is authorized to issue up to 1.61 billion primary common shares and 6.42 billion secondary common shares, alongside an overallotment option of up to 1.20 billion secondary shares.

Proceeds generated from the primary share issuance will be earmarked for digital financial service expansion, tech infrastructure, product innovation, and general corporate funding as the firm scales its operations across the archipelago.

Following its earlier pre-effective clearance from the Securities and Exchange Commission (SEC), Mynt is scheduled to finalize its IPO pricing on October 1, run its public offer period from October 6 to 12, and formally list on the PSE Main Board under ticker symbol GCASH on October 20.

To democratize market access, the PSE confirmed that local retail investors will be permitted to subscribe to the historical share offering directly through the GStocks feature inside the GCash mobile app as well as through the online PSE EASy platform. (Contributed story)

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