Mynt, the operator of GCash, has set the final price of its initial public offering (IPO) at PHP 6.60 per share, according to a signed notice dated October 1 to the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE), made public Friday.
The price is 34% below the PHP 10 maximum set when the offer was approved. Mynt’s offer terms list 8,027,409,600 base shares and an overallotment option of up to 1,204,111,400 more.
That comes to PHP 52.98 billion at PHP 6.60, or PHP 60.93 billion if the option is fully exercised.
Both figures are about 9% above Monde Nissin’s 2021 IPO, which the PSE called the biggest in its history at the time. Monde Nissin sold 3.6 billion shares at PHP 13.50, or PHP 48.6 billion, and up to PHP 55.89 billion with its own overallotment option.
Most of the money goes to existing shareholders. The 1,605,481,900 new shares bring Mynt about PHP 10.6 billion before expenses, down from about PHP 16.05 billion at the maximum price. The other 6,421,927,700 base shares, worth about PHP 42.4 billion, are sold by current shareholders, as are the overallotment shares.
Reuters reported the price on Thursday, citing two unnamed sources, and Mynt declined to comment at the time. InsiderPH had earlier reported that cornerstone investors would come in at that level.
Mynt said more than 20 cornerstone investors have committed about PHP 36.5 billion, covering approximately the entire institutional tranche. That is about 69% of the base offer.
The group includes BlackRock, Capital Research and Management, T. Rowe Price, and the International Finance Corporation, as CTRL+PH previously reported.
Based on Mynt’s projected 66.9 billion shares outstanding after the offer, PHP 6.60 values the company at about PHP 442 billion, compared with PHP 668.96 billion at PHP 10. That is about 26 times Mynt’s 2025 net income of PHP 17.2 billion, down from about 39 times.
The public offer period runs October 6 to 12, and Mynt is targeting an October 20 listing on the PSE Main Board under the ticker GCASH. Retail investors can subscribe through GStocks in the GCash app, while qualified local small investors can use PSE EASy.
The SEC cleared the offering in September, but it still needs a permit to sell.