Mynt’s IPO set to boost Philippine stock market
Philippine mobile wallet operator GCash's parent company, Mynt, has priced its IPO at 53 billion pesos, marking one of the country's largest listings. The move is expected to revitalize the Philippine stock market following a period of low activity.
Why it matters
A major IPO in an emerging market serves as a key indicator of investor confidence and economic health in the region.
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.
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