It’s official: GCash parent Mynt makes PSE debut
MANILA, Philippines — GCash parent Mynt Inc. made its Philippine Stock Exchange debut on Tuesday, bringing the country’s largest e-wallet operator to the stock market following strong demand from local and foreign investors.
The company marked its listing on the PSE’s main board with the opening bell.
READ: All set for P92-B GCash IPO in Oct
Its shares trade under the ticker symbol “GCASH,” following an initial public offering (IPO) priced at P6.60 apiece.
The base offering is worth about P53 billion. A full exercise of the overallotment option would bring the deal to about P60.9 billion, making it the largest IPO in Philippine history.
Mynt enters the market hoping investor interest in its shares will extend to other Philippine companies.
“We’re really hoping that this will bring more investors back into the Philippine market,” Mynt chief financial officer Evelyn Ng said in an earlier interview.
Ng said the offer was multiple times oversubscribed after book-building. A handful of investors Mynt met had also expressed interest in exploring other Philippine corporates.
Domestic demand likewise exceeded expectations, prompting BDO Capital & Investment Corp. to seek a larger allocation for local buyers. Large orders came from institutions including the Government Service Insurance System and Social Security System.
READ: GCash IPO attracts over 20 cornerstone investors
More than 20 global and local institutions secured 70 percent of the offer allocation.
These included funds and separately managed accounts handled by BlackRock investment management subsidiaries, the International Finance Corp., BPI Asset Management and Trust Corp., and Metropolitan Bank & Trust Co.’s Trust Banking Group. /pai
