GCash Parent Mynt Eyes Record-Breaking IPO on PSE

MANILA, Philippines — The Philippine Stock Exchange Inc. (PSE) has given the green light to the initial public offering (IPO) application of Mynt Inc., the parent company of e-wallet giant GCash. Mynt’s IPO, which marks a significant step in the company’s role in shaping the nation’s digital financial landscape, is expected to be the largest IPO in the country’s history, eclipsing Monde Nissin’s P55.89 billion IPO in 2021. “We welcome this highly anticipated IPO, which is poised to set the record as the largest public offering in PSE history,” PSE president and CEO Ramon Monzon said. “I hope this landmark listing will pave the way for more fintech and digital economy firms to go public and raise capital through the equities market,” he said. Mynt is set to offer 8.03 billion primary and secondary common shares consisting of up to 1.61 billion primary shares and up to 6.42 billion secondary shares, with an overallotment option of up to 1.20 billion secondary common shares. It plans to list on the PSE’s main board under the trading symbol GCASH on Oct. 20. The shares will be sold at a price of up to P10 apiece during its Oct. 6 to 12 offer period. The final offer price will be determined on Oct. 1 after the company conducts its bookbuilding exercise. At an offer price of up to P10 per share, the IPO could raise gross proceeds of up to P92.3 billion if the overallotment option is fully exercised. However, its price is currently seen hovering between P7.50 and P8.50 per share, below the maximum P10 offer price indicated in the company’s prospectus. Proceeds from the sale of its primary shares will be used for digital financial services growth initiatives, product development and general corporate purposes. Monzon said he is optimistic that Mynt’s market debut would drive strong market activity ahead of the fourth quarter. “Considering that the IPO subscription will also be made available through GStocks in the GCash app, we expect to see a significant uptick in new retail investors,” he said. The Securities and Exchange Commission cleared Mynt’s IPO earlier this month, making it the country’s first IPO of the year. Mynt has tapped BPI Capital Corp. and BDO Capital & Investment Corp. as domestic lead underwriters and joint bookrunners. Jefferies Singapore Ltd., CLSA Ltd. and The Hongkong and Shanghai Banking Corp. Ltd. Singapore Branch will serve as international joint bookrunners. Morgan Stanley & Co. International PLC, J.P. Morgan Securities plc, UBS AG Singapore Branch, meanwhile, will act as joint global coordinators and joint bookrunners.