GCash parent Mynt makes PSE debut in record P60.9-B IPO

GCASH parent Mynt, Inc. made its debut on the Philippine Stock Exchange (PSE) on Tuesday following a P60.9-billion initial public offering (IPO), the largest in the Philippine 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.

Mynt’s shares opened at P6.63 apiece, up 0.5% from the IPO price of P6.60, according to Reuters.

President Ferdinand R. Marcos, Jr. led the bell-ringing ceremony marking the company’s stock market debut.
The offering surpassed Monde Nissin Corp.’s P55.89-billion IPO in 2021, previously the largest in the Philippine stock market.

Mynt sold 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 base offering was valued at approximately P53 billion, while the exercise of an overallotment option covering about 1.20 billion additional secondary shares increased the total transaction size to P60.9 billion.

Based on 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 allocated to product development and general corporate purposes.

Proceeds from the sale of newly issued shares will go to Mynt, while proceeds from the secondary offering will go to the selling shareholders.

Mynt’s domestic cornerstone investors include 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 IPO also attracted 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