MANILA, PHILIPPINES — Four directors of GCash operator Mynt Inc., including Globe Telecom president and CEO Carl Cruz, collectively purchased nearly ₱77 million worth of shares during the fintech company’s historic stock market debut, only to see the investment face immediate pressure as the shares fell below their initial public offering price.
The transactions, disclosed following Mynt’s October 20 listing on the Philippine Stock Exchange, came amid enormous attention surrounding one of the biggest IPOs in Philippine capital market history.
But the first week of trading revealed a sharp contrast between investor enthusiasm during the offering and the selling pressure that emerged after listing.
GCash shares initially offered at ₱6.60 touched an intraday low of ₱5.95 on October 26.
By that day’s close, the stock had recovered to ₱6.27, still 5% below the IPO price.
A separate regulatory disclosure showed that UBS, acting as the IPO’s stabilization agent, had purchased approximately ₱5.17 billion worth of Mynt shares during the first trading week under an approved price-stabilization arrangement.
However, the story did not end with the decline.
By October 28, GCash shares had rebounded to ₱6.72, moving above the original IPO price and changing the picture for both the directors and ordinary shareholders who bought at listing.
The recovery raises a question investors are now watching closely: Was the early selloff a temporary correction after a blockbuster debut, or does the stock still face a difficult test once stabilization activity ends?
FOUR GCASH DIRECTORS INVEST NEARLY ₱77 MILLION
According to InsiderPH’s October 26 report, four Mynt directors acquired a combined 11.66 million shares at the ₱6.60 IPO price.
The reported purchases were led by financial executive Rex Mendoza, chair of Rampver Financials and a director of Ayala Land.
Mendoza acquired approximately ₱50 million worth of GCash shares.
Globe Telecom president and CEO Carl Cruz followed with a reported ₱21.45-million purchase.
Former Development Bank of the Philippines president Simon Paterno acquired approximately ₱3 million in shares.
Former SGV & Co. partner Gemilo San Pedro purchased around ₱2.5 million.
Together, their reported investments totaled approximately ₱76.95 million.
The transactions occurred on October 20, the same day Mynt began trading on the PSE.
For market observers, purchases by corporate directors can attract attention because these individuals may have extensive knowledge of a company’s business and industry.
However, a disclosed share purchase does not guarantee that the stock will appreciate or reveal a director’s precise investment motivation.
These transactions should be assessed through the company’s regulatory disclosures rather than through speculation about private intentions.
GLOBE CEO CARL CRUZ PUTS ₱21.45 MILLION INTO GCASH
Among the directors involved, Carl Cruz’s purchase is particularly notable because of Globe Telecom’s longstanding relationship with GCash.
Globe helped develop the fintech business that eventually grew into Mynt’s digital financial services platform.
Cruz is both Globe Telecom’s president and chief executive officer and a director of the GCash operator.
His reported ₱21.45-million subscription therefore represents a substantial personal investment in a company connected to Globe’s broader financial technology interests.
Nevertheless, it would be inaccurate to characterize the transaction as proof that the share price was undervalued.
A director may purchase shares for different reasons, including long-term investment exposure or portfolio considerations.
The public transaction record establishes the acquisition, not a guarantee of future returns.
GCASH’S ₱6.60 IPO PRICE SETS THE MARKET BENCHMARK
Mynt fixed its IPO price at ₱6.60 per share, below the preliminary maximum offer price of ₱10.
The final price was confirmed in Globe Telecom’s Philippine Stock Exchange disclosure in early October.
The base offer involved approximately 8.03 billion common shares, comprising newly issued shares and existing shares sold by shareholders.
An additional overallotment option covered up to approximately 1.20 billion shares.
The transaction was valued at approximately ₱53 billion for the base offering, with the potential to raise more if the overallotment option was fully exercised.
This structure matters because not all IPO proceeds necessarily go directly to the company.
Money raised from newly issued primary shares can support the company’s business, while proceeds from secondary shares go to the selling shareholders.
The IPO also gave public-market investors an opportunity to buy shares in the operator of one of the country’s best-known digital wallets.
STOCK FALLS AS LOW AS ₱5.95 AFTER LISTING
The excitement surrounding the IPO was quickly tested by market volatility.
GCash shares closed at ₱6.59 on October 21 and ₱6.56 on October 22.
On October 23, they declined further to ₱6.27.
The following trading session, October 26, brought an even deeper intraday drop to ₱5.95.
That low was approximately 9.85% below the ₱6.60 IPO price.
However, the stock finished the October 26 session at ₱6.27 rather than at the day’s low.
The distinction matters.
An intraday price represents a level reached during trading, while the closing price represents the end-of-session market quotation.
Based on the October 26 close, an investor who purchased ₱100,000 worth of shares at the IPO price would have faced an unrealized market-value decline of approximately 5%, before fees.
That illustration does not mean every investor sold at a loss.
Shareholders only realize trading gains or losses when they sell, while market valuations can change from day to day.
UBS BUYS APPROXIMATELY ₱5.17 BILLION IN GCASH SHARES
The early decline occurred despite significant stabilization activity.
According to a report based on Mynt’s disclosures, UBS AG, Singapore Branch, acting as stabilization agent, purchased 786.57 million GCash shares during October 20–23.
The average purchase price was approximately ₱6.5711 per share.
That translates into roughly ₱5.17 billion in market purchases.
The transaction represented approximately 65% of the maximum 1.204 billion shares covered by the overallotment-related stabilization arrangement.
About 417.54 million shares remained within the authorized purchase limit after the reported first-week activity.
Price stabilization is a recognized mechanism associated with certain public offerings.
Under applicable rules and approved arrangements, a stabilization agent may carry out transactions intended to moderate sharp price movements during the period following an IPO.
However, stabilization does not guarantee that shares will remain at or above their offer price.
The agent’s authority is also limited by the approved structure and period.
Investors should not assume that further stabilization purchases will necessarily occur or that they will prevent future declines.
WHY THE ₱5.17-BILLION STABILIZATION FIGURE MATTERS
The size of UBS’s reported purchases highlights the pressure the shares faced during the first trading week.
Even with substantial buying activity, GCash closed below its IPO price on October 23.
That does not necessarily mean the company’s underlying business weakened during those sessions.
Share prices can be affected by short-term investors taking profits, allocations being redistributed, changing market sentiment and broader financial conditions.
The price movement alone does not establish which specific factor caused the selling.
But the stabilization report gives investors additional context about how much support was deployed during the initial trading period.
Once authorized stabilization activity ends, the share price will depend on ordinary market demand and supply without that particular form of offering-related support.
GCASH CEO MARTHA SAZON SELLS ₱290.55 MILLION IN IPO SHARES
The directors’ purchases were accompanied by another significant disclosed transaction.
GCash president and CEO Martha Sazon sold approximately 44.02 million shares through the IPO.
At the ₱6.60 offer price, the sale was worth around ₱290.55 million.
Importantly, the disposal was disclosed in the IPO prospectus before the company began trading.
It should therefore not be described as an unexpected sale triggered by the subsequent share-price decline.
Following the transaction, Sazon retained approximately 176.09 million Mynt shares.
At the October 26 closing price of ₱6.27, that remaining stake had an estimated market value of about ₱1.10 billion.
The figures highlight the distinction between selling a portion of one’s holdings during a planned public offering and abandoning an investment entirely.
Sazon retained a substantial shareholding after the IPO.
The sale and her remaining ownership are both relevant to understanding the transaction.
THE STORY CHANGES AS GCASH SHARES REBOUND
The original October 26 report captured the difficult first week of GCash trading.
However, the stock’s subsequent performance adds important context.
On October 27, Mynt shares closed at ₱6.63, up approximately 5.74% from the preceding session.
On October 28, the stock advanced further to ₱6.72.
That placed it around 1.82% above the ₱6.60 IPO price.
The rebound also means that, based solely on the October 28 closing quotation, the four directors’ reported IPO-price purchases had moved back into positive mark-to-market territory.
Their combined ₱76.95-million investment would have been worth approximately ₱78.35 million at that closing price, assuming the reported holdings remained unchanged.
That is an illustrative paper valuation, not a confirmed realized gain.
The actual ownership positions may change if subsequent transactions occur.
WHY INVESTORS SHOULD NOT CONFUSE A RECOVERY WITH A GUARANTEED RALLY
Although the stock moved above its offering price, the rebound does not eliminate market risk.
A newly listed company can experience significant volatility while investors determine its valuation.
GCash operates in a competitive financial technology market involving digital payments, consumer lending and other financial services.
Its long-term investment appeal will depend on factors such as revenue growth, profitability, customer engagement, loan quality, regulatory compliance and competition.
The IPO price is also not a guaranteed floor.
Shares can trade above or below the offering price depending on supply and demand.
A few sessions of positive performance cannot establish a durable upward trend.
Investors should therefore evaluate the business separately from short-term price movements.
GCASH’S IPO COULD RESHAPE PHILIPPINE CAPITAL MARKETS
Mynt’s public listing is significant beyond the individual company.
The Philippine Stock Exchange described the transaction as a potential milestone for the country’s fintech and digital-economy sectors.
Historically, the local market has been dominated by banks, property developers, utilities and established conglomerates.
GCash’s listing offers investors exposure to a large technology-driven financial services company through the domestic stock market.
The PSE also highlighted the potential role of GStocks in expanding participation among retail investors.
However, attracting new investors creates additional responsibilities.
Retail shareholders must understand the difference between using a financial app and owning shares in the company behind it.
A familiar consumer brand is not automatically a low-risk stock investment.
WHAT OTHER SOURCES CONFIRM
The Philippine Stock Exchange’s official listing announcement confirms Mynt’s approval to list under the ticker GCASH, the planned offering structure and the overallotment option.
Globe Telecom’s October disclosure independently establishes the final IPO price of ₱6.60.
GMA News also reported the finalized price and the scale of the public offering.
A disclosure summary from StockBayan confirms UBS’s purchase of 786.57 million shares at an average price of approximately ₱6.5711 during the first trading week.
Historical market data published by Investing.com and Stock Analysis show the subsequent stock-price recovery through October 28.
The individual director purchase amounts and Sazon’s share sale were detailed by InsiderPH as figures drawn from company filings.
Taken together, the reporting confirms the early trading volatility, the stabilization arrangement and the importance of distinguishing disclosed insider transactions from unsupported allegations.
THE BIGGER QUESTION: WHAT HAPPENS AFTER IPO STABILIZATION?
GCash’s first trading sessions demonstrate the challenges facing even highly anticipated public offerings.
The company successfully entered the Philippine stock market and attracted considerable attention.
Several directors bought shares at the offer price, while the CEO completed a previously disclosed secondary sale.
UBS deployed billions of pesos in authorized stabilization transactions as the stock fell below its initial price.
But the shares subsequently rebounded and closed above ₱6.60 by October 28.
The next phase will be determined by investor confidence in Mynt’s financial performance and long-term growth prospects.
For new investors, the key question is not simply whether an executive bought or sold shares.
It is whether the company’s market valuation is supported by sustainable profits, responsible risk management and future business growth.
GCash’s dramatic first week has already delivered both a warning about IPO volatility and a reminder that early market losses can reverse quickly.
And as the company prepares for life as a publicly traded fintech giant, one question remains:
Will GCash sustain its rebound once the initial IPO stabilization period ends — or will investors face another round of selling pressure when the market is left to determine the stock’s true value?
