GCash sets final IPO price at P6.60 per share

MYNT, Inc., the financial technology company behind GCash, has set the final offer price for its initial public offering (IPO) at P6.60 per share, according to a notice from the Philippine Stock Exchange (PSE) on Friday.

Mynt will offer up to 8.03 billion common shares, with an overallotment option for up to 1.20 billion additional secondary common shares.

The offering will comprise up to 1.61 billion newly issued common shares under the primary offer and up to 6.42 billion existing common shares to be sold by current shareholders through a secondary offer.

At P6.60 per share, the base offering is worth about P53 billion. The transaction could reach about P60.92 billion if the overallotment option is fully exercised.

The shares will be listed on the PSE’s Main Board under the ticker symbol GCASH.

Mynt is scheduled to begin trading on the local bourse on Oct. 20.

Last week, Mynt said it had secured commitments from more than 20 global and domestic cornerstone investors, including International Finance Corp. (IFC), 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 also said Albizia Capital Pte. Ltd., Amundsen Investment Management, and HSBC Global Asset Management were making their first cornerstone investment commitments in the Philippines, while Ninety One North America, Inc. and Ninety One UK Ltd. were participating as cornerstone investors in Southeast Asia for the first time.

Reuters reported that cornerstone investors had agreed to buy P36.5 billion worth of shares ahead of the public offering.

The cornerstone commitments remain subject to potential reallocation between tranches, final pricing, completion of the offering, and other closing conditions. — Alexandria Grace C. Magno