GCash parent Mynt makes PSE debut in record P53-B IPO

GCASH parent Mynt, Inc. made its debut on the Philippine Stock Exchange (PSE) on Tuesday following a P53-billion initial public offering (IPO), the largest in the local stock market’s history.

The financial technology company behind the GCash e-wallet platform listed its shares on the PSE Main Board under the ticker symbol GCASH.

President Ferdinand R. Marcos, Jr. led the bell-ringing ceremony marking the company’s stock market debut.

Mynt offered approximately 8.03 billion common shares at P6.60 apiece, comprising 1.61 billion newly issued shares and 6.42 billion existing shares sold by current shareholders.

The P53-billion base offering surpassed the P48.6-billion IPO of Monde Nissin Corp. in 2021, previously the largest in the Philippine stock market.

The offering also included an overallotment option of up to 1.20 billion additional secondary shares, which could increase the total transaction size to approximately P60.92 billion if fully exercised.

According to its final IPO prospectus, Mynt plans to allocate 60% of the net proceeds from the primary offering to the expansion of its credit technology (CreditTech) business.

The remaining proceeds will be divided equally between product development and general corporate purposes.

The company identified several domestic cornerstone investors, including ATRAM Trust Corp., BPI Asset Management and Trust Corp., China Bank Capital Corp., Metropolitan Bank & Trust Co.’s Trust Banking Group, Philequity Management, Inc., and RCBC Capital Corp.

Its international cornerstone investors include International Finance Corp., HSBC Global Asset Management (UK) Ltd., Amundsen Investment Management, FIL Investment Management (Hong Kong) Ltd., and funds and separately managed accounts managed by investment management subsidiaries of BlackRock, Inc.

Mynt earlier said Albizia Capital Pte. Ltd., Amundsen Investment Management, and HSBC Global Asset Management were making their first cornerstone investment commitments in the Philippines.

It also said Ninety One North America, Inc. and Ninety One UK Ltd. were participating as cornerstone investors in Southeast Asia for the first time.

Reuters earlier reported that cornerstone investors had committed to purchase P36.5 billion worth of shares ahead of the public offering.

The offering also drew demand from domestic institutional investors, with major local institutions placing orders that prompted banks to seek larger share allocations, according to earlier reports. — Alexandria Grace C. Magno