GCash IPO pricing seen ranging between P8 to P10 per share

The upcoming initial public offering (IPO) of GCash operator Mynt Inc. could find a more balanced valuation at P8 per share, while a price closer to the P10 ceiling would require stronger confidence in the fintech giant’s earnings growth, analysts said.

Ron Acoba, chief investment strategist at Trading Edge, said P8 per share represented a more balanced entry point for investors as Mynt’s earnings growth began to normalize.

At P8 apiece, Mynt would trade at around 24.7 times annualized 2026 earnings, according to Acoba’s analysis.

This valuation recognizes GCash’s dominant position in digital financial services and its long-term growth prospects while accounting for near-term operating headwinds.

Acoba said Mynt had built an impressive growth record, with net income climbing from P6.38 billion in 2023 to P17.25 billion in 2025.

But the momentum of earnings has recently moderated. Net income grew by just 7.8 percent year-on-year in the first half of 2026, while second-quarter profit declined by 6.2 percent.

More demanding

At the upper end of the indicative pricing, Acoba said valuations become more demanding.

A P10 offer price would value Mynt at 38.8 times its 2025 earnings and 30.9 times annualized 2026 earnings.

At P9, the company would still trade at about 27.8 times annualized earnings.

“P9 to P10 would require greater confidence that earnings growth can reaccelerate toward historical levels to justify the premium,” Acoba said.

At P7, meanwhile, Mynt would trade at roughly 21.6 times annualized 2026 earnings, offering what Acoba described as a more compelling risk-reward proposition.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the final price would ultimately depend on negotiations between the company and investors.

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“As typical in share sales, the IPO price to be negotiated or haggled would determine demand from both international and local investors, especially if there would be upside potential from the point of view of buyers,” Ricafort said.

He also said sellers would naturally seek the highest possible price to maximize Mynt’s valuation, given GCash’s widespread use, market share, scale and reach.

Buyers, however, would tend to push for a lower offer price relative to their assessment of Mynt’s present and future valuation.

These comments come as Mynt prepares for what could become the largest IPO in Philippine history.

The Securities and Exchange Commission has cleared the company to offer shares at a maximum price of P10 each, which could raise as much as P92.32 billion.

Mynt is targeting an offer period from Oct. 6 to Oct. 12 and a listing on the Philippine Stock Exchange on Oct. 20 under the ticker symbol “GCASH.”