MANILA — Financial analysts remain optimistic about the growth prospects of Mynt Inc., the parent company of GCash, with independent valuations supporting a share price of up to P10, even as the company is expected to set its final initial public offering (IPO) price below that level.
According to BDO Capital President Eduardo Francisco, the final offer price could fall within the P7.50 to P8.50 per share range, below the maximum indicative price of P10. Such pricing may provide investors with a more attractive entry point while leaving room for potential gains once the shares begin trading.
Research from independent analysts reinforces the P10 valuation cap, citing Mynt’s strong earnings profile, robust cash generation and leadership in the country’s digital financial services sector.
Analysts also pointed to the company’s ability to further expand its customer base and generate additional revenue from its growing ecosystem of financial products and services.
AB Capital Securities estimated Mynt’s equity value at between P531 billion and P834 billion using a discounted cash flow methodology, highlighting the company’s substantial long-term growth potential.
Global investment bank Morgan Stanley likewise underscored Mynt’s profitability and scale. The firm noted that Mynt generated P17.2 billion in net income from P79.7 billion in adjusted revenue in 2025, translating to a 21.6 percent net profit margin and a 32.1 percent return on equity.
Looking ahead, Morgan Stanley projects Mynt’s net income to climb to P21.2 billion in 2026, supported by continued business expansion
and an improvement in profitability. The company’s net margin in the first half of 2026 expanded to 25.2 percent, reflecting stronger
operating efficiency and revenue growth.
Market observers believe that pricing the IPO below the P10 ceiling could help attract broad participation from both institutional and
retail investors. The strategy may also allow market demand, bookbuilding results and post-listing trading activity to play a greater role in determining the company’s valuation.
By setting the final offer price below the maximum valuation threshold, analysts say the IPO could offer potential upside for incoming shareholders while encouraging healthy market
participation.
