MANILA: Mynt, the parent of Philippine mobile wallet operator GCash, says last Friday it priced its initial public offering (IPO) at 6.60 pesos a share, or about 53 billion pesos (US$844.7mil) in total, in what would be one of the country’s biggest-ever listings.
The company said in a statement that its institutional bookbuilding was oversubscribed multiple times, drawing demand from major global and domestic institutional investors beyond cornerstone commitments.
Mynt plans to sell up to 8.03 billion shares.
The company’s listing could raise as much as 60.9 billion Philippine pesos if an option to sell up to 1.2 billion additional shares is fully used, based on Reuters calculations.
At 53 billion pesos, the deal would rank as the Philippines’ second-largest IPO on record after Monde Nissin Corp’s 2021 listing, according to LSEG data.
If the additional allotment option is fully exercised, it would become the country’s largest-ever IPO.
The announcement confirms a Reuters report last Thursday on the company’s IPO price.
“The depth and quality of demand we have seen through this process reflects investor confidence in Mynt’s growth story,” Mynt chief finance officer Evelyn Ng said in the statement.
The deal would help boost the Philippine stock market, where companies have raised only US$227.1mil through share sales this year as of Sept 29, down 71% from the same period last year, according to LSEG data.
The Philippines accounted for just 1.7% of the US$13.06bil raised across South-East Asia’s equity markets in the first nine months of 2026, LSEG data showed.
Large investors have agreed to buy 36.5 billion pesos of shares before the public sale opens, according to Mynt’s preliminary prospectus.
These investors include Capital Research and Management Co, Citadel Multi-Strategy Equities Master Fund, HSBC Global Asset Management, the International Finance Corp and Lazard Asset Management.
Local investors include ATRAM Trust Corp, BPI Asset Management and Trust Corp and China Bank Capital Corp.
The offer includes primary and secondary shares. Proceeds from the primary share sale will go to Mynt, which plans to use most of the funds for digital financial services growth and product development, its prospectus showed.
Mynt’s net income rose 7.3% to 10.82 billion pesos in the first six months of 2026 from a year ago, while revenue climbed 10.4% to 43.27 billion pesos, according to its prospectus.
The retail offer is scheduled to run from Oct 6 to Oct 12, its prospectus showed.
The stock is scheduled to begin trading on the local bourse on Oct 20. — Reuters
