All set for P92-B GCash IPO in Oct
The Philippine Stock Exchange (PSE) expects the blockbuster listing of GCash operator Mynt Inc. to spur market activity and bring more retail investors into local stocks as it cleared what could become the largest initial public offering (IPO) in its history.
On Friday, PSE president and CEO Ramon Monzon said, “We welcome this highly anticipated IPO, which is poised to set the record as the largest public offering in PSE history.”
“I hope this landmark listing will pave the way for more fintech and digital economy firms to go public and raise capital through the equities market.”
Mynt is set to offer 8.03 billion primary and secondary common shares, comprising up to 1.61 billion primary shares and 6.42 billion secondary shares.
It also has an overallotment option of up to 1.2 billion secondary common shares.
At the maximum offer price, the IPO could raise as much as P92.32 billion, including the overallotment option.
The shares will be offered at up to P10 each, with the final price to be determined on Oct. 1 following book building.
The offer period is scheduled for Oct. 6 to 12, while the tentative listing date is Oct. 20.
Monzon said the IPO could help drive market activity heading into the fourth quarter, particularly as investors will be able to subscribe to the offering through GStocks in the GCash app.
“We expect to see a significant uptick in new retail investors,” he said.
China Bank Capital Corp. managing director Juan Paolo Colet told the Inquirer that Mynt stands a “good chance” of drawing first-time IPO investors, though its ability to do so would largely hinge on how the offering is marketed.
“If they push the IPO on the GCash app, then they could raise retail participation,” Colet said. “I think this is something they should aspire to do in keeping with their core identity as a financial super app for Filipinos.”
The IPO remains subject to conditions imposed by the Securities and Exchange Commission and PSE, alongside market conditions.
