28/06/2026
10 per share? ? GCASH MYNT IPO Updates📈
1. IPO Basics
• Ticker: GCASH @ max ₱10/share
• Target: Q4 2026 listing, indicative pricing Sept 28, retail settlement around Oct 9
• Size: Up to ₱80.3B base, ₱92.3B with overallotment. ~₱669B implied valuation
• Float: 12% only, 13.8% if overallotment is exercised. So 88%+ stays with insiders
2. Primary vs Secondary
This is the big one you flagged. ∼80% of the offer is secondary shares.
• Primary: ∼1.61B new shares = ~₱14.9B goes to Mynt for CreditTech, product dev, etc
• Secondary: ∼6.42B existing shares = ~₱74.3B goes to current shareholders
So most of the cash outflows to sellers, not into growing the business.
3. The Numbers Are Wild
• 40.4M MAUs = 55% of PH adults
• 62.4M daily transactions, ₱17.03T GTV in 2025
• Revenue: ₱33.6B in 2023 → ₱79.7B in 2025
• Net Income: ₱6.38B → ₱17.25B in same period
Plus 7.5M borrowers, 16.9M savings users, 9M investment users
4. PSEi Angle
With only 12% float, Mynt doesn’t meet the current 20% minimum for PSEi. PSE is proposing to allow 12% float for ₱200B+ companies. If that passes, Mynt gets in and it opens the door for more tech/growth names in the index.
5. Watchpoints you listed are on point
Secondary-heavy sale, reliance on CreditTech/lending quality, BSP regulatory risk like the 2025 gambling links rule, and competition from digital banks/other e-wallets.
