Mynt shares fall below debut price as analysts differ on GCash listing
F. Yap Securities questioned the listing’s ability to attract investors, while analyst Eric Jurado pointed to GCash’s business performance.
Shares in Mynt Inc., which owns Philippine fintech company GCash, traded at ₱6.27 compared with their ₱6.60 debut price, drawing contrasting assessments from analysts. Mynt topped trading activity.
Brokerage F. Yap Securities Inc. said the listing had neither brought in the new investors it expected nor lifted the wider market. It noted that the shares had fallen below the offer price despite being priced below the ₱10 ceiling.
The brokerage said it would watch whether the offer price could be maintained after early stabilisation faded. A fall below that level could dampen demand for upcoming IPOs, it warned.
US-based analyst Eric Jurado offered a different assessment in a blog post, arguing that expansion and the value of the business mattered more than its early stock performance. He pointed to GCash’s monthly user base of 41.5 million and first-half revenue of ₱43.27 billion, alongside profit of ₱10.82 billion. However, he also suggested the initial pricing might have been too optimistic.
