ECM

Mynt (GCash) Pre-IPO: Peer Comparison

11 Sep 2026 By Ke Yan, CFA, FRM
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Abstract: Mynt, the digital payments and consumer finance platform behind GCash, started marketing for its PSE listing. MS, JPM, and UBS are the joint global coordinators. Our previous notes covered the company's business, industry backdrop, financials and pre-IPO investor backing. In this note we compare the company with five listed regional digital finance peers on financials, operating data and valuation.

Grab Holdings Limited Class A Ordinary Shares (GRAB US) Joint Stock Company Kaspi.kz American Depository Shares (KSPI US) One 97 Communications (PAYTM IN) Sea (SE US) GoTo Gojek Tokopedia (GOTO IJ)

Highlighted Stocks

Grab Holdings Limited Class A Ordinary Shares, Joint Stock Company Kaspi.kz American Depository Shares, One 97 Communications, Sea, GoTo Gojek Tokopedia

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Research on Hong Kong and A+H equity offerings, from the first filing to the aftermarket. Coverage includes pre-IPO early thoughts on the business and valuation, analysis of the final deal terms and cornerstone investors, and updates as new prospectus versions are filed.

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