MANILA — Mynt Inc., the parent company behind the widely used GCash mobile wallet, commenced its initial public offering (IPO) for retail investors on Tuesday, October 6. Shares were priced at ₱6.60 each, setting the stage for what could potentially be the largest IPO in Philippine history, with the capability to raise up to ₱60.9 billion.
The core offering consists of 8,027,409,600 common shares, carrying an approximate value of ₱53.0 billion. The total proceeds could climb to around ₱60.9 billion if the overallotment option, allowing for up to 1,204,111,400 secondary common shares, is fully exercised.
Offer Period and Exchange Listing
The window for retail subscriptions to Mynt's IPO extends from October 6 to October 12. The company's shares are scheduled for listing on the Main Board of the Philippine Stock Exchange (PSE) on October 20, where they will trade under the ticker symbol "GCASH."
The final share price of ₱6.60 was determined and announced last week, following a comprehensive bookbuilding process that engaged prominent global and domestic institutional investors. Regulators had previously approved a maximum offer price of ₱10 per share.
At the ₱6.60 price point, the fintech firm is valued at approximately ₱442 billion, as reported by InsiderPH. The same report indicated that cornerstone investors pledged roughly ₱36.5 billion, which constitutes about 68.8 percent of the firm offer. GMA News further detailed that the offering represents an estimated 12 to 13.8 percent of Mynt's total shares post-IPO, with existing shareholders anticipated to retain roughly 88 percent after the base offer.
CFO Emphasizes Investor Confidence
Evelyn Ng, Mynt's chief finance officer, stated, "The depth and quality of demand we have seen through this process reflects investor confidence in Mynt's growth story." She further elaborated that the company aimed to ensure significant access for Filipino investors during its transition to a public entity, believing that the final pricing and allocation provide a robust foundation for Mynt's future trajectory and for generating long-term value for its shareholders. Mynt clarified that the offer timetable is contingent on approvals from the Securities and Exchange Commission (SEC) and the PSE, alongside prevailing market conditions and other standard considerations.
Subscribing Through GStocks PH
Philippine-based retail investors have the option to subscribe to the IPO via GStocks PH, the stock-trading feature integrated within the GCash application, operated by AB Capital Securities. A special GStocks PH promotion offers real-time allocation for the first 100 shares ordered, exclusively on October 6 and 7, subject to availability. An order of 100 shares at the offer price amounts to ₱660. Orders exceeding 100 shares will be subject to final allocation once the offer period concludes.
To subscribe, investors must first deposit funds into their GCash wallet, then access GStocks PH, and transfer funds to their GStocks PH investment wallet. Subsequently, they tap the GCash IPO banner, agree to the necessary disclosures, input their desired number of shares, review the transaction details, and finalize by tapping "Buy."
Syndicate Members Supporting the IPO
The joint global coordinators and joint bookrunners for this IPO include Morgan Stanley & Co. International plc, J.P. Morgan Securities plc, and UBS AG Singapore Branch. International joint bookrunners are Jefferies Singapore Limited, CLSA Limited, and The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch. Domestically, BPI Capital Corporation and BDO Capital & Investment Corporation are serving as lead underwriters and joint bookrunners. AB Capital & Investment Corporation and First Metro Investment Corporation are designated as 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 official offering materials advise that a subscription does not guarantee the IPO will close or that shares will be issued. Investors are cautioned to base their investment decisions solely on the final prospectus. This article is provided for informational purposes only and should not be construed as 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
The launch of Mynt's IPO at ₱6.60 per share marks a pivotal moment for the Philippine fintech industry, with the potential to establish a new record as the nation's largest initial public offering. This event highlights robust investor belief in the expansion trajectory of GCash and mobile payment systems, further emphasizing the accelerating digital transformation of the Philippine economy and broadening investment access for Filipino retail participants via platforms such as GStocks PH.
Source: wire reports