The ultimate success of GCash operator Mynt Inc.’s initial public offering will depend on sustainable post-listing value creation and regional expansion rather than its initial P10 maximum price ceiling, capital market expert Jonathan Ravelas said.

Ravelas made the remarks after the Philippine Stock Exchange approved Mynt’s listing application covering up to P92.3 billion on Friday, 18 September.

The transaction stands as the largest public offering in Philippine stock market history.

Speaking at a recent news forum, Ravelas explained that the P10 maximum offer price in Mynt's regulatory filing serves as a standard regulatory ceiling meant to give the issuer operational flexibility during the transaction process.

He clarified that the figure is neither a target price nor a guaranteed final valuation, noting that pricing will be established through an institutional book-building process.

"The P10 is a ceiling, not a promise, and certainly not a measure of whether the IPO succeeds or fails. Price discovery is precisely what book-building is for," Ravelas said.

He stressed that the market will evaluate demand, company fundamentals, and industry metrics to determine the final price.

For prospective investors, Ravelas said the more critical factor is whether the offering attracts credible long-term institutional capital to support sustained growth after listing.

He noted that the fintech firm, backed by Globe Telecom Inc., Ayala Corp., and Ant Group, has significant room for revenue expansion as it converts its user ecosystem into a full-scale digital financial services platform.

By expanding into micro-lending, wealth management, cross-border payments, and merchant digital services, Mynt can monetize its base of more than 90 million registered users and 49 million active accounts.

Ravelas added that the debut gives everyday Filipinos a direct stake in the country's digital economy, shifting consumer roles from app users to equity owners.

Scam Watch Pilipinas co-founder Jocel De Guzman welcomed the milestone while emphasizing the need for ongoing consumer protection and digital security awareness as retail participation grows.

Department of Trade and Industry Secretary Cristina Roque highlighted structural gains for local enterprises, stating that digital payment infrastructure allows micro, small, and medium enterprises to reach remote markets and prepare for cross-border commerce under the upcoming ASEAN Digital Economy Framework Agreement.

Under terms cleared by the PSE board, Mynt is authorized to issue up to 1.61 billion primary common shares and 6.42 billion secondary common shares, with an overallotment option of up to 1.20 billion secondary shares.

Proceeds from the primary share issuance will fund digital financial service expansion, technology infrastructure, product innovation, and general corporate operations.

Following pre-effective clearance from the Securities and Exchange Commission, Mynt is scheduled to finalize its IPO pricing on 1 October, run its public offer period from 6 to 12 October and list on the PSE Main Board under the ticker symbol GCASH on 20 October.

To broaden market access, the PSE confirmed that local retail investors may subscribe to the offering directly through the GStocks feature in the GCash app and the online PSE EASy platform.