GCash Operator Mynt Cleared for P92.3-B IPO by SEC

MANILA, Philippines — The Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) of GCash operator Mynt Inc. worth up to P92.32 billion, bringing the fintech giant closer to its much-awaited stock market debut. The SEC said on Friday that the Commission En Banc had resolved to render effective Mynt’s registration statement covering up to 66.9 billion common shares, subject to compliance with remaining requirements. READ: GCash IPO might prompt reshuffle of PH portfolios In addition, Mynt will offer up to 1.61 billion common shares through the primary offer, while a selling shareholder will sell up to 6.42 billion shares. Likewise, the transaction also carries an overallotment option of up to 1.20 billion shares. Moreover, Mynt will price the shares at up to P10 each and expects to net up to P89.25 billion from the total offer, assuming the overallotment option gets oversubscribed. READ: GCash files for IPO, targets Q4 debut About P14.95 billion in net proceeds from the primary offer will fund growth in digital financial services, product development, and general corporate purposes. Mynt is also the first company to benefit from the SEC’s lower public float requirement for large issuers. The regulator allowed the company to have a minimum initial public float of 12 percent instead of 15 percent. Based on the latest timetable submitted to the SEC, the offer period will run from Oct. 6 to 12. Mynt is targeting an Oct. 20 listing on the Philippine Stock Exchange’s Main Board under the ticker symbol “GCASH.” /pai