Mynt slips after record IPO debut
Shares of Mynt, the parent company of GCash, declined following its record-breaking IPO on the Philippine Stock Exchange. Analysts attribute the drop to profit-taking, market pessimism, and a lack of immediate earnings catalysts.
Why it matters
As the largest IPO in Philippine history, the stock's performance is a key indicator of investor confidence in the local financial market and fintech sector.
SHARES of Mynt, Inc., the parent company of GCash, fell after its Philippine Stock Exchange (PSE) debut last week as investors took profits and awaited fresh earnings catalysts.
“The debut absorbed a lot of liquidity,” Jervin S. de Celis, an equity trader at the First Resources Management and Securities Corp., said in an e-mailed reply to questions. He added that a “fresh, thinly floated listing carries a supply overhang and no earnings catalyst yet.”
Mynt, which trades under the ticker symbol GCASH, closed at P6.27 each on Friday, below its debut close of P6.60 on Oct. 20.
It was the most actively traded stock last week, with 1.67 billion shares worth nearly P11 billion changing hands from Oct. 20 to 23, according to PSE data.
Its decline was steeper than the 1.2% drop in the financial index and the 1.3% decline in the broader PSE index during the same period.
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