At 2:50 a.m. ET (2:50 p.m. Manila time) on Oct. 20, shares of GCash parent Mynt, Inc. had returned to their IPO price on their Philippine market debut.
The Philippine Stock Exchange recorded a last trade of 6.60 pesos at that time, following a session high of 6.76 pesos. The snapshot showed no gain over the 6.60-peso offer price while trading was still underway.
Mynt’s firm offering covered about 8.03 billion shares, with a gross value of roughly 53 billion pesos. About 1.61 billion were new shares issued by the company; existing holders sold the other 6.42 billion, exchange terms show.
The distinction determines who receives the proceeds. Mynt plans to put money from its new shares toward digital financial services, product development and general corporate purposes, the exchange said. Proceeds from the other shares go to the selling shareholders.
Mynt owns the business behind GCash, a Philippine mobile wallet used for payments and transfers that also provides access to savings, loans, insurance and investments. During the Oct. 6-12 offer period, investors could subscribe through GStocks PH in the GCash app, starting with 100 shares for 660 pesos.
Mynt said an option to sell up to 1.20 billion additional shares held by existing investors would lift the gross offering to about 60.9 billion pesos if used in full.
