GCash parent Mynt has secured more than 20 local and international cornerstone investors for its planned initial public offering, with commitments that could cover nearly all shares reserved for institutions, depending on final allocation.
International backers include funds managed by BlackRock and T. Rowe Price. Local participants include ATRAM Trust Corporation, BPI Asset Management and Trust Corporation, and China Bank Capital Corporation. Reuters, citing a September 22 preliminary prospectus, reported the commitments total PHP 36.5 billion.
“We believe this reflects confidence in our position as the nation’s number one finance super app, our track record of profitable growth, and the significant market opportunity that lies ahead of us,” said Mynt President and CEO Martha Sazon.
The Philippine Stock Exchange (PSE) has approved the IPO, which covers about 8.03 billion shares at up to PHP 10 each, or as much as PHP 80.3 billion. An option for roughly 1.20 billion additional shares could raise the total to about PHP 92.3 billion.
At the ceiling price, the deal would top Monde Nissin’s PHP 55.89 billion offering in 2021, the current Philippine IPO record.
About 1.61 billion of the shares are new, with proceeds going to digital financial services growth, product development, and general corporate purposes. The remaining 6.42 billion are being sold by existing shareholders.
Final pricing is expected on October 1, with the public offer running October 6 to 12. Shares are tentatively set to list on October 20 under the ticker GCASH. Investors can subscribe through GStocks in the GCash app, and local small investors through PSE EASy.