GCash Parent Mynt IPO Debuts October 20 on Philippine Exchange
Mynt, the company behind digital payments platform GCash, is scheduled to list on the Philippine Stock Exchange on October 20, with its P53 billion initial public offering reportedly oversubscribed.
Philippine Stock Exchange Debut
Mynt, the parent company of the GCash digital payments platform, will debut its initial public offering (IPO) on the Philippine Stock Exchange (PSE) on October 20. Brokers have indicated that allocations for the offering were oversubscribed. The offer period for Mynt's shares ran from October 6 to 12.
The base offer comprised 8.03 billion shares, split between 1.61 billion primary shares and 6.42 billion secondary shares, valued at P53 billion at a price of P6.60 per share.
Proceeds Allocation and Valuation
Mynt plans to direct 60 percent of the primary proceeds towards its CreditTech services, which encompass lending monetisation and wealth management. Another 20 percent is earmarked for product innovation, with the remaining 20 percent allocated to general corporate functions.
An overallotment option for up to 1.2 billion secondary shares could increase the total offering to 9.23 billion shares. If fully exercised, this would represent the largest IPO in the Philippines. Morgan Stanley projects Mynt's net income for the current year to reach P21.2 billion.
Broadening Retail Investor Access
The IPO included 2.41 billion shares, or 30 percent of the base offer, specifically reserved for domestic trading participants and small local investors. GCash users gained the ability to purchase shares directly through the GStocks PH service within the GCash app, facilitated by AB Capital Securities, with a minimum order of 100 shares.
This initiative aims to broaden public ownership in the digital financial services sector. Mynt currently serves 94 million registered users, with 49 million active daily users.
The final offer price of P6.60 per share, down from an initial indicative maximum of P10, made the investment more accessible for retail participants. AB Capital Securities previously advocated for a premium valuation for Mynt, citing its structural growth, established profitability, and significant potential to monetise its extensive customer base.
The rapid digitalisation of the Philippine economy, combined with GCash's leading position in the local digital financial ecosystem, strengthens the outlook for continued growth and potential investment returns for the newly listed entity.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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