GCash parent Mynt, Inc. brought its shares to the Philippine Stock Exchange on Oct. 20, raising about ₱10.6 billion from newly issued stock even as the exchange reported a much larger IPO total.
The Philippine Stock Exchange (PSE) said the offering raised ₱60.9 billion, surpassing the previous Philippine IPO record set by Monde Nissin Corp. in 2021. The exchange’s figure includes stock sold by Mynt and by existing shareholders. Proceeds from the shareholders’ sales go to those investors.
Exchange terms show Mynt issued 1,605,481,900 shares at ₱6.60 apiece, raising about ₱10.6 billion before expenses. Existing shareholders supplied another 6,421,927,700 shares for the firm offer, accounting for most of the shares in that portion of the deal.
Mynt put the firm offer’s gross size at about ₱53 billion in its pricing announcement. It said full exercise of an option to sell up to 1,204,111,400 additional shares held by existing investors would lift the overall gross size to about ₱60.9 billion.
Mynt plans to use the money from its new shares to expand digital financial services, develop products and fund general corporate needs. Its GCash digital wallet provides payments and transfers as well as access to savings, loans, insurance and investments.
About ₱1.1 billion was invested through the GCash app by 140,725 IPO subscribers, the PSE said. PSE President and CEO Ramon S. Monzon said many were investing in a listed company for the first time. Mynt’s prospectus reported 41.5 million monthly active GCash users for the three months ended June 30.
Users could subscribe through GStocks PH in the GCash app during the Oct. 6-12 offer period. At the offer price, a 100-share board lot cost ₱660 before charges. After listing, eligible users can trade GCASH shares through GStocks PH, whose broker partner is licensed PSE trading participant AB Capital Securities, Inc.
The stock finished its first session at the ₱6.60 offer price after reaching ₱6.76 during trading.
