Maya will let users subscribe to the initial public offering of Mynt, the parent company of rival e-wallet GCash, through Maya Stocks starting October 6.
“Own GCash without using GCash,” Maya said in a social media post announcing the offering. Users will be able to place subscriptions through Maya Stocks and its stockbroker partners inside the Maya app.
Maya itself is not a stockbroker or dealer. Maya Stocks connects users with Securities and Exchange Commission-regulated brokers that handle stock transactions, with shares submitted through the IPO still subject to final allocation.
Mynt has set the final offer price at PHP 6.60 per share, as previously reported by CTRL+PH. The company is offering about 8.03 billion firm shares, representing a gross offer size of roughly PHP 53 billion. An overallotment option covering about 1.20 billion additional shares could raise the total to as much as PHP 60.9 billion.
The Trading Participants and Retail Offer is expected to run from October 6 to 12. Mynt is targeting an October 20 listing on the Main Board of the Philippine Stock Exchange under the ticker GCASH.
Despite the ticker and Maya’s reference to a “GCash IPO,” investors are subscribing to shares of Mynt, Inc., the parent company of the group behind GCash, rather than shares directly issued by the GCash app.
The October 6 opening is not yet unconditional, however. Mynt said on October 2 that the offer remains subject to receipt of a Permit to Sell from the SEC and other customary conditions.