By Alexandria Grace C. Magno, Reporter
THE Philippine stock market appears able to absorbing the planned offerings of Mynt, Inc. and VITRO, Inc., analysts said, while Philippine Stock Exchange (PSE) President and Chief Executive Officer Ramon S. Monzon said appropriately timing the transactions could help ease temporary funding pressures.
The 2 transactions could collectively raise as much as P116.5 billion based on their maximum indicative offer sizes. Mynt is in search of as much as P92.3 billion through what could turn out to be the country’s largest initial public offering (IPO), while VITRO, the info center arm of PLDT Inc.’s ePLDT, Inc., is targeting as much as P24.2 billion through what could turn out to be the country’s first digital infrastructure real estate investment trust (REIT).
VITRO’s proposed REIT will likely be backed by eight data center assets with a combined capability of 27 megawatts (MW). The offering consists entirely of secondary shares to be sold by ePLDT, with proceeds earmarked to cut back debt in keeping with REIT regulations and the corporate’s approved reinvestment plan.
China Bank Capital Corp. Managing Director Juan Paolo E. Colet said domestic and foreign liquidity must be sufficient to support Mynt’s IPO, provided it’s priced reasonably.
“A mixture of foreign and domestic liquidity can absorb the offer size. So long as the valuation is affordable and the fintech story stays brilliant, then this mega-IPO is well-positioned for a robust market debut,” he said in a Viber message last week.
The planned listing of Mynt, the operator of GCash, could surpass Monde Nissin Corp.’s P48.6-billion offering in 2021 because the country’s largest IPO.
Mynt’s proposed offering consists of as much as 8.03 billion common shares, with an overallotment option of as much as 1.20 billion additional secondary common shares.
The firm offer will comprise as much as 1.61 billion newly issued common shares under the first offer and as much as 6.42 billion existing common shares to be sold by current shareholders through a secondary offer.
For purposes of its Securities and Exchange Commission (SEC) registration, Mynt used an indicative offer price of as much as P10 per share, under which the proposed offering could raise gross proceeds of as much as P92.3 billion if the overallotment option is fully exercised.
Unicapital Securities, Inc. Equity Research Analyst Peter Louise D. Garnace said Mynt’s implied equity valuation stands at about P670 billion based on the utmost indicative offer price, above the previously reported $8-billion goal valuation.
He said investors are expected to closely scrutinize the usage of proceeds, given the corporate’s profitability and growth prospects.
“The important thing variable investors should watch is the ultimate offer price, because the indicated maximum price implies a valuation materially above the previously reported estimate,” Mr. Garnace said in a Viber message.
Toby Allan C. Arce, head of sales trading at Globalinks Securities and Stocks, Inc., said the PSE appears able to accommodating the offering, although institutional participation will likely be critical given its size.
While retail demand is predicted to be robust, domestic institutional investors, foreign funds, pension managers, and long-only investors might want to commit significant capital to support price discovery and post-listing liquidity.
“The timing can also be favorable from a structural perspective, because the market has recently experienced several delistings and comparatively few marquee IPOs,” Mr. Arce said in a Viber message.
“GCash due to this fact has the potential to redirect investor attention toward growth sectors and reinforce the relevance of the local equity market as a capital-raising venue,” he added.
Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said the local market is healthier positioned to soak up a big IPO this yr, citing higher trading activity.
“Based on trading activities, the local market is seen to be in a greater position this yr in comparison with last yr,” he said, noting that year-to-date net value turnover has averaged P6.45 billion per day, up from P5.70 billion in the primary half of 2025.
Mr. Tantiangco said the dearth of IPOs up to now this yr, coupled with recent delistings, could generate investor interest.
“Still, there are downside risks that would weaken the market’s absorptive capability. This is that if our macroeconomic environment worsens, which in turn would stir negative sentiment amongst investors,” he said.
Meanwhile, Mr. Monzon said the market would profit from each offerings, adding that appropriately timing the transactions could allow investors to recycle capital from one listing to the following.
“I can share my personal thoughts. After all, it will be higher if we had two large listings like these. It might be really good for the market in the event that they were spaced appropriately,” he said during a media briefing on Saturday.
Mr. Monzon said he was not suggesting either company change its timetable, noting that the schedules could still change.
Based on their draft preliminary prospectuses, VITRO’s offer period is scheduled for Sept. 25 to Oct. 1, while Mynt’s is ready for Oct. 5 to 9.
BDO Securities Corp. President John Tristan D. Reyes said a GCash listing would add a technology-focused company to a market where digital economy firms remain underrepresented.
He said overseas investors have cited the dearth of new-economy listings as one reason the Philippine market has struggled to draw foreign capital relative to its regional peers.
“The local market is due for something fresh, especially corporations from today’s digital economy like GCash. That’s why a GCash IPO would likely be thoroughly received,” Mr. Reyes said in a Viber message.
Mynt, a partnership amongst Globe Telecom, Inc., Ayala Corp., and Singapore-based Ant International, operates GCash through its wholly owned subsidiary, G-Xchange, Inc., and offers lending services through Fuse Financing, Inc.
Hastings Holdings, Inc., a unit of the PLDT Helpful Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls.