Mynt's 12% float puts GCash near 45 times last year's net income

The share count settles the price. The offer is 9.23 billion shares in total, and at PHP 10 that comes to PHP 92.3 billion, matching the stated maximum raise exactly ^[1]. The waiver sets the minimum public float at 12% ^[6]. If those 9.23 billion shares are the whole of the float, Mynt has roughly 76.9 billion shares outstanding and an equity value near PHP 769 billion ^[4]. On PHP 17.2 billion of 2025 net income ^[12], that is about 45 times earnings ^[5], and about 9.6 times the PHP 79.8 billion of 2025 revenue ^[6].

PHP 12 billion of the headline figure is the secondary tranche and goes to existing shareholders, leaving PHP 80.3 billion for the company ^[2]. Thirteen percent of the raise never reaches Mynt ^[3]. The primary proceeds are earmarked for lending expansion and general corporate purposes, and the secondary shares are existing holders partially cashing out ^[8].

GCash moves PHP 17 trillion of payments a year ^[10] and booked PHP 79.8 billion of revenue ^[11], so revenue is about 0.47% of the money crossing the platform ^[7]. Net margin was 21.6% ^[8]. Revenue grew 27% and net income 56% ^[11][12]. Back both out and 2024 revenue was near PHP 62.8 billion on net income near PHP 11 billion, a margin of about 17.6% ^[9]. Monthly active users are 39 to 40 million against 90 million registered accounts ^[9], or roughly 44% ^[10], which puts annual revenue per monthly active user near PHP 2,020 ^[11].

How much BlackRock intends to buy was not reported ^[1]. The documented terms are the 12% waiver ^[6] and a syndicate of Morgan Stanley, J.P. Morgan and UBS as joint global coordinators ^[7]. Globe Telecom holds about 34% before the offer, alongside Ayala Corp., Ant International and MUFG Bank ^[13], and the waiver lets that register hold about 88% of the company after listing.

So it is the float that sets this price. A buyer at PHP 10 is paying roughly 45 times trailing earnings for a business that converts 47 basis points of payment volume into revenue, and the growth case rests on a consumer and small-business lending book this offer is funding ^[8]. Grow net income half again to PHP 25.8 billion and the same PHP 769 billion is about 30 times ^[13], which is an ordinary price for a licensed payments network with 40 million monthly users.

A final float wider than the minimum would take the 45 down: at 15% instead of 12%, the same offer implies about PHP 615 billion of equity and 36 times 2025 earnings ^[14]. So would the margin on lent money. The 21.6% net margin was earned on payments volume before any of the PHP 80.3 billion arrived ^[8][2].