Shares of Mynt, Inc., the parent company of GCash, closed their first trading week on the Philippine Stock Exchange (PSE) below their debut price as investors took profits and awaited fresh earnings catalysts after the largest initial public offering (IPO) in Philippine market history.

The stock, listed under the ticker symbol GCASH ended Friday at P6.27 apiece, down from its Oct. 20 debut close of P6.60. It was the most actively traded issue of the week, with 1.67 billion shares worth nearly P11 billion changing hands from Oct. 20 to 23, according to PSE data. The decline outpaced the broader market: the financials index lost 1.2% and the PSE index fell 1.3% over the same period.

"The debut absorbed a lot of liquidity," Jervin S. de Celis, an equity trader at First Resources Management and Securities Corp., said in an e-mailed reply to questions. A "fresh, thinly floated listing carries a supply overhang and no earnings catalyst yet," he added. Thin floats leave a limited pool of freely tradable shares in a listing's early days, so selling by IPO allottees can move the price out of proportion to overall volume.

"The decline in the stock price was driven by pessimism in overall market sentiment, brought on by persistent geopolitical uncertainty that drove the local currency to its weakest level, surpassing P63 against the dollar," said Jash Matthew M. Baylon, an equity analyst at the same brokerage.

Record-Breaking Offer

Mynt raised P60.9 billion from the sale of 9.23 billion shares at P6.60 each, surpassing Monde Nissin Corp.'s P55.89-billion offering in 2021 to become the biggest IPO in Philippine market history. The company offered more than 8.02 billion common shares, with an overallotment option of up to 1.2 billion shares, a common stabilization mechanism that lets underwriters sell additional shares to meet excess demand in early trading.

The listing gave Mynt a market capitalization of P441.51 billion, making it the seventh-largest company on the exchange. Philippine Stock Exchange, Inc. President and Chief Executive Officer Ramon S. Monzon had earlier described the offering as a major catalyst for the local stock market.

Retail participation was channeled through GStocks PH, the stock trading platform within the GCash app operated by AB Capital Securities, where more than 140,000 users traded nearly P1.1 billion worth of shares.

Profit-Taking and Positioning

Despite the strong retail demand, the stock finished the week below its debut close. Mr. De Celis said the decline was largely driven by profit-taking from investors who received IPO allocations, while the offer and subsequent retail trading activity also drew funds away from other financial stocks as investors funded their subscriptions.

"GCASH held close to its offer price, which signaled that stabilization and demand were working," he said.

"While retail is buying the brand, institutional investors are likely waiting for clearer signals on how the company sustains earnings in a high-interest-rate environment," he said. "The usual pattern in mega-IPOs is that retail players provide day-one volume and narrative momentum, while institutions set the price floor and ceiling over weeks."

He added that Mynt's listing has prompted investors to reassess valuations between fintech companies and traditional banks. "GCash's listing forced investors to reconsider the fintech versus bank premium," Mr. De Celis said.

Rate Environment

Analysts also cited higher interest rates as a risk to the company's outlook. The Bangko Sentral ng Pilipinas raised its policy rate by 50 basis points (bp) to 5.5% on Oct. 22, two days after GCASH began trading.

"The 50-bp reverse repurchase rate hike is a meaningful liquidity drain," Mr. De Celis said, adding that higher funding costs could pressure lenders that rely on market-based funding. Mr. Baylon said the rate increase added to selling pressure as investors weighed its impact on consumer credit and loan quality.

Earnings and Outlook

Mynt posted revenue of P43.15 billion and net income of P10.82 billion in the first half. Mr. De Celis expects full-year revenue of P89 billion to P91 billion and net income of P21 billion to P22 billion, while Mr. Baylon forecasts full-year net income of about P21.05 billion, supported by growth in net interest income and user expansion.

"While GCASH is seen to be an attractive investment for its growth potential, we continue to monitor the risks that could lead to a downgrade in our valuation," Mr. Baylon said.

On technical levels, Mr. De Celis placed support at P6.40-P6.50 and resistance at P6.75, while Mr. Baylon sees support at P6 and resistance at P6.60.

Lock-up agreements bar pre-IPO shareholders from selling their shares for a set period after listing, while inclusion in MSCI or FTSE benchmarks, or the PSE's own indices, places a stock inside the portfolios of funds that passively track those benchmarks.

"Upside catalysts are the third-quarter (Q3) results, clarity on the lock-up, MSCI/FTSE or PSE index inclusion and lending-quality data," Mr. De Celis said. "Downside risks are a weak Q3 print, the rate-hike overhang on consumer credit and the end of price stabilization."

This article is based on reporting by Sheena Mae E. Sancap, originally published by BusinessWorld (Bworldonline) on Oct. 25, 2026: Mynt slips after record IPO debut.