MYNT, Inc.’s valuation ahead of its stock market debut will need to be supported by sustained growth in its lending business and disciplined credit costs, according to Unicapital Securities, Inc.
The brokerage said Mynt, the parent company of GCash, is valued at approximately 25.7 times its 2025 earnings based on its initial public offering (IPO) price of P6.60 per share.
“The valuation reflects expectations of further growth,” Unicapital Securities said in a statement on Monday.
“Its premium to some established fintech peers would need to be supported by sustained user monetization, profitable lending expansion, and disciplined credit costs,” it added.
Mynt is scheduled to list on the Philippine Stock Exchange Main Board under the ticker symbol GCASH on Tuesday, Oct. 20.
The company’s base offering comprises approximately 8.03 billion common shares worth P53 billion, including 1.61 billion newly issued shares and 6.42 billion existing shares offered by current shareholders.
The offering could reach approximately P60.92 billion if the overallotment option covering up to 1.20 billion additional secondary shares is fully exercised.
Based on its final IPO prospectus, Mynt plans to allocate 60% of the net proceeds from the primary offering to the expansion of its CreditTech business, with the remaining 40% earmarked for product development and general corporate purposes.
Unicapital Securities Research Head Wendy B. Estacio-Cruz said investors should assess company earnings, cash flow, funding requirements, and valuations when evaluating new listings.
The brokerage also noted that the performance of newly listed companies after their trading debut would help determine whether investor interest could be sustained.
“Investor appetite, valuations, and broader market conditions will ultimately determine whether these offerings can generate lasting momentum,” Ms. Estacio-Cruz said.
Beyond Mynt, the brokerage cited other potential IPOs that could broaden the industries represented on the local stock exchange.
These include Cebu-based Aznar Shipping Corp.’s proposed P737-million offering and PLDT Inc.’s planned VITRO real estate investment trust (REIT) listing, which has been moved to 2027.
Ms. Estacio-Cruz said a broader IPO pipeline could provide investors with additional options, although increased listing activity alone would not necessarily indicate a sustained market recovery.
“A more diverse IPO pipeline is a positive development for the Philippine capital market, but the real test will be whether these companies can deliver sustainable growth and attract long-term investor confidence,” she said. — Alexandria Grace C. Magno