The short version: the GCash IPO now has a likely price, and it is below the ceiling. BDO Capital & Investment Corp. president Eduardo Francisco says Mynt's offer will probably land between ₱7.50 and ₱8.50 per share — under the ₱10 maximum in the prospectus — with the final price to be set on October 1.
"My suspicion is if they lower the price to, let's say, P7.50 to P8.50, I think there's a deal to be done," Francisco told Philstar.com, noting that the ₱10 figure was always an "up to" price rather than a commitment. As of publication, only one outlet has reported the underwriter's pricing comments, so treat the range as informed guidance rather than a decided number — the decided number arrives October 1.
The math at each price point
The offer covers up to 1.61 billion primary shares, up to 6.42 billion shares from a selling shareholder, and an overallotment option of up to 1.20 billion shares. Here is what the reported price scenarios imply for gross proceeds:
| Offer price | Estimated gross proceeds |
|---|
| ₱7.50 | about ₱69.23 billion |
| ₱8.50 | about ₱78.46 billion |
| ₱10.00 (ceiling) | up to ₱92.3 billion with full overallotment |
Even at the bottom of the range, the offer would comfortably break the Philippine IPO record — Monde Nissin's ₱55.89 billion debut in 2021 — just with a smaller headline than the ₱92.3-billion figure that has framed the deal since Mynt secured final SEC clearance in early September.
Key dates, and how retail investors can take part
- October 1 — pricing date
- October 6 to 12 — public offer period
- October 20 — listing on the Philippine Stock Exchange under the ticker GCASH
BitPinas' rundown of the offer structure notes that 30 percent of the offer is allocated to retail investors through local brokerages and the PSE's TradEx platform, with the remaining 70 percent going to institutional buyers. Mynt expects an initial market capitalization of about ₱668.96 billion, and it is the first issuer to list under the SEC's reduced 12 percent public float rule for large companies.
Why a lower price is not bad news
A cut from ₱10 toward ₱7.50 reads like a markdown, but for the two audiences that matter it mostly is not. For first-time retail investors — and GCash's user base makes this the most retail-watched Philippine listing ever — a lower price is a cheaper entry ticket: a minimum board lot costs less, and the valuation demands less growth to justify. For the deal itself, Francisco's point is about execution — pricing where demand actually is, rather than where the prospectus allowed, is how an offer this size avoids a weak debut. The trade-off falls on the selling shareholders, who bank less, and on the record-headline narrative, which shrinks from ₱92 billion to somewhere in the seventies.
FAQ
When can I buy GCash shares?
The public offer runs October 6 to 12, with listing on October 20. Retail orders go through participating local brokerages and the PSE TradEx platform.
How much will one share cost?
The final price will be set on October 1. The prospectus caps it at ₱10; the lead underwriter's president expects ₱7.50 to ₱8.50.
Is this still the biggest Philippine IPO ever?
At any price in the reported range, yes — gross proceeds of ₱69 billion to ₱78 billion would exceed Monde Nissin's ₱55.89 billion record from 2021.
