GCash operator Mynt prices its IPO at PHP 6.60 per share, well below the maximum price

Facts

Pricing: Mynt Inc., which operates the GCash e-wallet, disclosed a final offer price of PHP 6.60 per share (about 34% below the PHP 10 maximum offer price). ¹ The base offer is worth about PHP 52.98 bn and the total is up to about PHP 60.93 bn if the over-allotment option is fully exercised (versus up to about PHP 92.3 bn at the PHP 10 maximum price, a T&S calculation). ² The offer shares equal about 12% of the post-IPO share count (about 13.8% if the over-allotment option is fully exercised). ³ Listing on the Philippine Stock Exchange main board is scheduled for 20 October.

Structure: about about 80% of the base offer shares are existing shares sold by early investors; the two largest shareholders are not selling. ⁴ The prospectus lists expansion of the CreditTech business, product development, cash reserves and general corporate purposes as uses of the new-share proceeds.

Lending reach: as at end-March 2026 GCash reported 40.4 million monthly active users and 7.5 million active borrowers. ⁵

Analysis

Penetration: active borrowers equal about 19% of monthly active users. ⁶ Most GCash users therefore do not yet borrow on the platform, which is the headroom the CreditTech use of proceeds targets.

Time series and market context: the IPO comes as bank consumer credit is decelerating but still fast. Consumer loans of universal and commercial banks grew 16.2% in August (down from 17.1% in July), while credit card receivables grew 23.3%. ⁷ Bank consumer-loan asset quality has been drifting the other way, with the NPL ratio at 5.49% in July (up from 5.44% in June). ⁸

Cross-country: Indonesia's licensed online lending book grew 24.76% year on year to July, ⁹ showing that app-based credit in the region can scale faster than bank consumer lending when distribution is already in place. Mynt's final price, set well below the maximum, gives a lower entry valuation than the range implied for a platform whose growth case rests partly on credit.

Implications

Counterpoints and uncertainties

The final price and over-allotment exercise do not settle demand from retail investors during the 6–12 October public offer, and the share of proceeds allocated to credit is not broken out in figures. Lending growth on the platform depends on BSP oversight and on asset quality holding as bank consumer NPLs rise.