GCash Parent Secures Record Investors for Philippine IPO

The planned initial public offering (IPO) of Mynt Inc., the parent company of GCash, has secured commitments from more than 20 global and domestic institutional investors. In a statement on Thursday, Mynt described the secured commitments as the “largest number of cornerstone investors in a Philippine IPO to date.” The institutional or “cornerstone” investors that have confirmed their commitments are as follows: Global cornerstone investors Domestic cornerstone investors The GCash parent’s IPO carries a maximum indicative price of ₱10 per share and could generate gross proceeds of up to ₱92.32 billion if the overallotment option is fully exercised, potentially making the GCash listing one of the largest IPOs in Philippine history. The final offer price, however, will be determined through the book-building and price-discovery process, with the public offering scheduled for Oct. 6 to 12 and the tentative PSE listing set for Oct. 20. “The cornerstone investor group comprises leading institutions who have indicated interest to participate in Mynt’s proposed IPO. We believe this reflects confidence in our position as the nation’s number one finance super app, our track record of profitable growth, and the significant market opportunity that lies ahead of us,” said Martha Sazon, president and CEO of Mynt. Morgan Stanley & Co. International PLC, J.P. Morgan Securities plc, and UBS AG Singapore Branch are acting as Joint Global Coordinators and Joint Bookrunners for the transaction. Jefferies Singapore Limited, CLSA Limited, and The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch serve as International Joint Bookrunners, with BPI Capital Corporation and BDO Capital & Investment Corporation acting as Domestic Lead Underwriters and Joint Bookrunners. AB Capital & Investment Corporation and First MetroInvestment Corporation serve as the Domestic Lead Underwriters while Maybank Securities Pte. Ltd. will act as the International Co-Manager. China Bank Capital Corporation, RCBC Capital Corporation, and East West Banking Corporation will participate as Domestic Participating Underwriters. — RSJ, GMA News