2 OCT 2026 — Mynt, the company behind the Philippine e-wallet GCash, has set the final price of its initial public offering at P6.60 a share, a third below the P10 ceiling in its prospectus. The price was set on 1 October and disclosed to the Philippine Stock Exchange on 2 October, Rappler reports.
At that price the deal can still become the largest listing in Philippine history, but only if an option to sell extra shares is fully used.
What the price values GCash at
Rappler puts the valuation at roughly P442 billion, based on about 66.9 billion shares outstanding after the offer. At the P10 ceiling the company would have been valued at about P669 billion.
The P10 ceiling implied raising up to P92.3 billion. At P6.60, the most it can raise is about P61 billion, The Philippine Star notes. The paper's sources had expected a price between P7 and P10, and analysts had warned that P10 might be too much to ask while investors face a weaker peso, rising inflation and slower growth.
How the offer is built
According to BusinessWorld, Mynt is offering up to 8.03 billion shares, made up of up to 1.61 billion new shares and up to 6.42 billion existing shares sold by current shareholders. An overallotment option adds up to 1.20 billion more existing shares.
Roughly four in five base shares therefore come from existing holders, Rappler notes, so most of the money raised goes to investors selling down their stakes, not to GCash as new capital.
Whether it beats the record
The base offer is worth about P52.98 billion at the final price, and about P60.93 billion with the overallotment, according to The Manila Times. The current record is food maker Monde Nissin's 2021 listing, which raised about P55.89 billion.
The base offer alone falls about P3 billion short of that. GCash becomes the country's largest IPO only if enough of the overallotment is sold.
Who has already committed
BusinessWorld, citing Reuters, reports that more than 20 cornerstone investors have committed about P36.5 billion ahead of the public offer. Rappler names funds managed by BlackRock, Capital Research and Management Company and T. Rowe Price, plus the World Bank Group's International Finance Corporation. Several cornerstones had previously indicated P6.60, Rappler adds, so the final price matches what they signalled.
Those commitments are still subject to final allocation and the offering closing. The Manila Times notes the deal also still needs a permit to sell from the Securities and Exchange Commission.
What happens next
The public offer period runs from 6 to 12 October. Mynt aims to list on the exchange's Main Board on 20 October under the ticker GCASH.
The listing comes after the Securities and Exchange Commission rewrote its rules this year to let very large companies float a smaller share of their stock, changes we covered in June. The Philippine Star puts GCash's monthly active users at 41.5 million, or 56% of Filipino adults.
