The ₱6.60 offer price is fixed until Tuesday. After that, the market sets it. Here’s what changes for people who subscribed.

The offer period for Mynt Inc., the company behind GCash, closed on October 12. On Tuesday, October 20, its shares list on the Main Board of the Philippine Stock Exchange (PSE) under the ticker GCASH. For anyone who subscribed through GStocks PH, the stock-trading feature inside the GCash app, or through a broker, that’s the day an order becomes a holding that can be sold or kept at a price the market sets.

This column covered how the offer itself worked before it opened. This one is about the days after.

How Many Shares You Actually Got

Retail demand ran ahead of the shares set aside for it. Domestic trading participants and retail investors were allocated 2.41 billion shares, 30 percent of the base offer of about 8.03 billion. AB Capital Securities, the broker behind GStocks PH, reported its allocation 165 percent oversubscribed in the final days of the offer, and a GCash executive said late subscribers would receive smaller allocations than early ones.

GStocks PH orders placed on October 6 and 7 got their first 100 shares allocated in real time. Orders beyond that were not guaranteed, and any unused amount goes back to the user’s trading wallet. An order for 1,000 shares may have come back as far fewer.

What Changes on October 20

Until listing, every subscriber paid the same ₱6.60. From the first trade on Tuesday, the price is whatever buyers and sellers agree on, and it can move above or below the offer price within the same day. Shares trade in board lots of 100, the smallest amount that can be bought or sold.

Most of the shares sit with large investors. More than 20 global and local institutions accounted for 70 percent of the allocation, and Mynt’s chief financial officer, Evelyn Ng, said none of its major shareholders is exiting. At ₱6.60, Mynt is valued at roughly ₱442 billion, about 25.6 times its 2025 net profit of ₱17.25 billion, by one Rappler analysis.

What Selling Costs

Selling listed shares carries a stock transaction tax of 0.1 percent of the gross selling price. That rate has applied since July 1, 2025, when the Capital Markets Efficiency Promotion Act (CMEPA) cut it from 0.6 percent. On a sale of 100 shares at ₱6.60, the tax comes to 66 centavos.

The broker’s charges are separate and differ by platform. If yours has a minimum commission per trade, on a ₱660 sale it can outweigh the tax many times over. Check the fee schedule in GStocks PH or with your broker before placing a sell order.

Where the Scams Will Be

The Cybercrime Investigation and Coordinating Center (CICC), the government’s lead agency on online fraud, warned ahead of the offer about fake IPO websites, bogus agents, fraudulent social media accounts and phishing aimed at first-time investors. Listing week brings the same risk. Shares bought through GStocks PH stay in GStocks PH, and no legitimate buyer or agent needs your MPIN or one-time PIN.

The Questions Worth Asking Before Tuesday

Do you know exactly how many shares you were allocated? Check the number in your account, and check that any refund for unfilled shares has landed.

Will you need this money within the year? Money set aside for tuition, rent or a known expense is exposed to whatever the price does.

What will you do if the price opens below ₱6.60? Deciding that before the market opens is easier than deciding it while watching the screen.

Is the rest of the plan in place? An emergency fund and protection for the people who depend on your income come before any single stock, the groundwork no one else is going to lay for you.

What If runs every Monday: plain-language financial education for Filipino families, not investment advice or a pitch.