MANILA — Mynt Inc., the parent company of the popular mobile wallet GCash, opened its initial public offering (IPO) to retail investors on Tuesday, October 6, with shares priced at ₱6.60 each. This offering could become the largest IPO in Philippine history, potentially raising up to ₱60.9 billion.
The base offer comprises 8,027,409,600 common shares, valued at approximately ₱53.0 billion. Should the overallotment option of up to 1,204,111,400 secondary common shares be fully exercised, the total offering could reach around ₱60.9 billion.
Retail Offer Period and Listing Details
The retail offer period for Mynt's IPO runs from October 6 to October 12. Shares are slated for listing on the Main Board of the Philippine Stock Exchange (PSE) on October 20 under the ticker "GCASH."
Mynt had announced the final price of ₱6.60 last week following a bookbuilding process involving major global and domestic institutional investors. Regulators had previously cleared a maximum price of ₱10 per share.
According to InsiderPH, the ₱6.60 price values the fintech company at approximately ₱442 billion. The report also noted that cornerstone investors committed roughly ₱36.5 billion, accounting for about 68.8 percent of the firm offer. GMA News reported that the offer represents about 12 to 13.8 percent of Mynt's shares post-IPO, with existing shareholders retaining about 88 percent after the base offer.
CFO Cites Investor Confidence
"The depth and quality of demand we have seen through this process reflects investor confidence in Mynt's growth story," said Evelyn Ng, Mynt's chief finance officer. She added that the company sought to maintain meaningful access for Filipino investors during its transition to a public company, believing the final price and allocation provide a strong foundation for Mynt's future and for creating long-term value for shareholders.
Mynt stated that the offer timetable is subject to approvals from the Securities and Exchange Commission (SEC) and the PSE, as well as market conditions and other customary considerations.
How to Subscribe via GStocks PH
Retail investors residing in the Philippines can subscribe to the IPO through GStocks PH, the stock-trading feature available within the GCash app, operated by AB Capital Securities.
As part of a GStocks PH promotion, the first 100 shares ordered are allocated in real time on October 6 and 7 only, while supplies last. An order of 100 shares at the offer price costs ₱660. Orders exceeding 100 shares will be subject to final allocation after the offer period concludes.
To subscribe, investors need to cash in funds to their GCash wallet, open GStocks PH, and transfer funds to the GStocks PH investment wallet. They then tap the GCash IPO banner, agree to disclosures, enter the desired number of shares, review the details, and tap "Buy."
Syndicate Members
The joint global coordinators and joint bookrunners for the IPO are Morgan Stanley & Co. International plc, J.P. Morgan Securities plc, and UBS AG Singapore Branch. International joint bookrunners include Jefferies Singapore Limited, CLSA Limited, and The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch.
BPI Capital Corporation and BDO Capital & Investment Corporation serve as the domestic lead underwriters and joint bookrunners. AB Capital & Investment Corporation and First Metro Investment Corporation are the domestic lead underwriters, while Maybank Securities Pte. Ltd. is the international co-manager. China Bank Capital Corporation, RCBC Capital Corporation, and East West Banking Corporation are the domestic participating underwriters.
Mynt's offering materials caution that a subscription does not guarantee the IPO will close or that shares will be issued, advising investors to base decisions on the final prospectus. This article is for informational purposes only and does not constitute investment advice.
By the Numbers
- ₱6.60: Final price per share for Mynt's IPO.
- ₱60.9 billion: Potential record amount to be raised if the overallotment option is fully exercised.
- 8,027,409,600: Number of common shares in the base offer.
- ₱53.0 billion: Value of the base offer.
- 1,204,111,400: Maximum number of secondary common shares in the overallotment option.
- October 6-12: Retail offer period.
- October 20: Scheduled listing date on the Philippine Stock Exchange.
- ₱10: Maximum price per share cleared by regulators.
- ₱442 billion: Fintech's valuation based on the ₱6.60 price, as reported by InsiderPH.
- ₱36.5 billion: Amount committed by cornerstone investors.
- 68.8 percent: Percentage of the firm offer committed by cornerstone investors.
- 12 to 13.8 percent: Approximate percentage of Mynt's shares after the IPO, as reported by GMA News.
- 88 percent: Approximate percentage of shares existing shareholders would retain after the base offer.
- 100 shares: Minimum order size for real-time allocation in the GStocks PH promotion.
- ₱660: Cost of a 100-share order at the offer price.
Why This Matters
Mynt's IPO opening at ₱6.60 per share signals a significant milestone for the Philippine financial technology sector, potentially becoming the largest IPO in the country's history. This move reflects strong investor confidence in the growth potential of GCash and mobile payment solutions, underscoring the increasing digitalization of the Philippine economy and expanding access to investment opportunities for ordinary Filipino retail investors through platforms like GStocks PH.
Photo credit: Photo courtesy of GCash