Mynt sets IPO price at P6.60

MANILA, Philippines — Investors can buy into GCash operator Mynt Inc.’s initial public offering (IPO) at P6.60 per share, after the company set its final offer price 34 percent below the earlier P10 ceiling.

On Oct. 1, the company confirmed the price in a notice addressed to the Securities and Exchange Commission and the Philippine Stock Exchange.

READ: GCash IPO seen testing PH market appetite for mega deals

At P6.60, the final offer price is P3.40 below the earlier ceiling.

COL Financial chief equity strategist April Lynn Tan earlier said investors should not automatically see a lower offer price as a warning sign about the company.

“The market is really so weak, and if you want to raise capital, then, you know, you have to make the stock more attractive, so you price it at a cheaper price,” she said.

She urged investors to look beyond the price adjustment and examine Mynt’s financial performance, particularly whether its profitability remains on an upward path.

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GCash has 41.5 million monthly active users, equivalent to nearly 56 percent of the country’s adult population.

Its ecosystem serves 7.5 million active borrowers and includes 17.9 million savings accounts, 9.2 million investment fund accounts, and about 2 million local stock market accounts. /pai