GCash Parent Mynt Slips Below Its IPO Price Days After the Philippines' Biggest-Ever Listing

Mynt, the parent company of GCash, closed at P6.27 on Friday — below its P6.60 IPO price — just days after completing the largest initial public offering in Philippine stock market history. The slip capped a first week of trading that made GCASH the most actively traded stock on the Philippine Stock Exchange, even as profit-taking and a weak local market pulled the record listing under water for early buyers.

What Happened

Mynt listed on the Philippine Stock Exchange Main Board on Tuesday, October 20, under the ticker GCASH, after raising P60.9 billion from the sale of about 9.23 billion shares at P6.60 each. That total surpassed Monde Nissin Corp.'s P55.89 billion offer in 2021, making it the biggest IPO the Philippines has ever seen, according to BusinessWorld.

The debut itself was muted rather than explosive. Reuters reported the stock opened at P6.63, up 0.5% from the offer price, and BusinessWorld reported it closed its first session flat at P6.60 after touching an intraday high of P6.76. By Friday, it had drifted to P6.27 — about 5% below the price IPO buyers paid.

Volume, however, was anything but muted. From October 20 to 23, about 1.67 billion GCASH shares worth nearly P11 billion changed hands, making it the most actively traded stock on the exchange last week, according to PSE data cited by BusinessWorld. Its decline was steeper than the 1.2% drop in the financial index and the 1.3% fall in the broader PSE index over the same period.

Why It's Blowing Up

This was not an ordinary listing. GCash is the dominant mobile wallet in the Philippines, and Mynt's listing gave the company a market capitalization of P441.51 billion, making it the seventh-largest company on the exchange. More than 140,000 GCash users subscribed to the IPO through the app itself, according to TechRepublic — for many of them, GCASH was the first stock they had ever owned.

That is exactly why the slip is getting so much attention. When a record IPO built partly on first-time retail investors falls below its offer price in its first week, every move becomes a test of whether the debut priced in too much optimism.

Traders quoted by BusinessWorld pointed to two pressures. First, profit-taking and thin free float: equity trader Jervin S. de Celis of First Resources Management and Securities Corp. said the debut "absorbed a lot of liquidity" and that a "fresh, thinly floated listing carries a supply overhang and no earnings catalyst yet." Second, the local backdrop: analyst Jash Matthew M. Baylon said pessimism from persistent geopolitical uncertainty pushed the Philippine peso to its weakest level, surpassing P63 against the US dollar, weighing on sentiment across the market.

Key Facts

• Company: Mynt, Inc., parent of the GCash e-wallet, listed on the PSE under ticker GCASH on October 20, 2026.
• Record size: P60.9 billion raised — the largest IPO in Philippine history, ahead of Monde Nissin's P55.89 billion in 2021, as reported by Reuters and BusinessWorld.
• Price action: Opened P6.63, closed debut day flat at P6.60, closed Friday at P6.27.
• Scale: Market capitalization of P441.51 billion at listing, the PSE's seventh-largest company.
• Where the money goes: Mynt plans to allocate 60% of net proceeds from the primary offering to expanding its credit technology business, with the rest for product development and general corporate purposes, according to its prospectus reporting by BusinessWorld. Note that much of the P60.9 billion total involved existing shareholders selling shares, so not all of it is fresh capital for the company.
• Recent results: For the first half of 2026, Mynt reported net income of P10.82 billion, up 7.3% year on year, on revenue of P43.27 billion, up 10.4%.

What's Next

Analysts quoted in the debut coverage said investors are waiting for Mynt's third-quarter earnings report — the first real catalyst that could either justify the record valuation or deepen the slide. Until then, traders expect the stock to trade largely on broader Philippine market sentiment, the peso, and how much of the debut's retail enthusiasm holds after the first down week.

For the PSE itself, the listing still matters beyond one week's price action. Exchange president Ramon S. Monzon described the offer as a major catalyst and a statement of confidence in the Philippine capital market, and Mynt was the first company to debut on the exchange this year. Whether it encourages more Philippine companies to list may depend on how GCASH recovers from this early dip. This post reports what happened and why markets reacted; it is not financial advice.

FAQ

Why did Mynt stock fall after its IPO?

BusinessWorld reported profit-taking, a thin free float with a supply overhang, no immediate earnings catalyst, and weak local sentiment as the peso fell past P63 to the dollar.

How big was the Mynt IPO?

P60.9 billion (about $967 million), from about 9.23 billion shares at P6.60 each — the largest IPO in Philippine stock market history.

What price did GCASH close at in its first week?

It closed its debut day, October 20, flat at P6.60, and closed Friday at P6.27, below its IPO price.

What is Mynt?

Mynt is the fintech company behind GCash, the Philippines' leading mobile wallet. Its shares trade on the Philippine Stock Exchange under the ticker GCASH.

Sources: BusinessWorld (Oct 25 and Oct 20, 2026), Reuters (Oct 20, 2026), TechRepublic.