GLO. Mynt Prices GCash IPO at ₱6.60 a Share

Highlights

• Mynt, the GCash operator in which Globe holds a stake, has set its IPO final offer price at ₱6.60 per share.
• GLO's ₱217.4 billion market cap is about to sit beside a daily market price for its main non-telco asset.
• Vini Research Desk rates GLO a Buy, ~65% upside to our ₱2561.00 fair value.

The Setup

Since our Sept. 27 note, the GCash listing has moved from indicative to priced. Globe affiliate Mynt has fixed its IPO final offer price at ₱6.60 per share for 8,027,409,600 common shares, with an overallotment option of up to 1,204,111,400 secondary common shares. GLO closed at ₱1,554 on Oct. 2, only 7.5% above its 52-week low of ₱1,445.00 on Oct. 27, 2025, and well below its ₱1,925.00 high from June. Our momentum read on GLO is Bearish.

Source: PSE disclosure

Our Read

The point that matters is that Globe's headline non-telco asset now has a fixed offer price instead of a range, and will soon carry an observable daily market price. With the stock trading near its lows, the market is assigning little visible value to GCash beyond the core mobile and broadband franchise. A completed listing replaces that ambiguity with a running mark on Globe's stake. The secondary overallotment shares also open a cash route for selling holders, relevant for a group carrying ₱261.7 billion of debt.

Vini Research Desk rates GLO a Buy, seeing about 65% upside to our fair value of ₱2561.00. A listed, priced GCash stake supports future capital appreciation and gives Globe more balance-sheet room for dividend growth, which benefits holders of the Passive Income Plan and Smart Momentum Quant Plan.

What We're Watching

• SEC issuance of Mynt's Permit to Sell
• Mynt's trading debut and Globe's disclosure of its stake and any sale proceeds
• Globe's reply to the NTC show cause order on broadband penalties