Mynt Opens ₱53 Billion Philippine IPO, GCash Users Get Direct Access
Philippines-based fintech firm Mynt set its initial public offering price at ₱6.60 per share, with shares scheduled for trading on the Philippine Stock Exchange from 20 October.
Mynt Launches IPO with Direct User Access
Mynt, the Philippine fintech company behind the GCash digital wallet, commenced its ₱53 billion ($844.3 million) initial public offering (IPO) on Tuesday. The company stated that GCash users can purchase shares directly through the app, with minimum orders starting at ₱660.
This offering allows retail investors to participate in the IPO through GStocks PH, a trading service provided by AB Capital Securities via the GCash platform. Orders placed on Tuesday and Wednesday are eligible for immediate allocation of the first 100 shares, Mynt confirmed.
Offer Details and Potential Scale
Mynt has priced its shares at ₱6.60 each for the offering, which is open until 12 October. The IPO encompasses over 8 billion shares, according to the company. If the greenshoe option (an over-allotment option for underwriters) is fully exercised, the offering could potentially raise up to ₱60.9 billion.
This would position it as the largest IPO ever in the Philippines, Mynt indicated. The exchange rate used for calculations is $1 = ₱62.7720 Philippine pesos.
Institutional Investor Interest and Market Listing
The offering has already secured commitments from more than 20 local and international institutional investors, Mynt reported. Following the conclusion of the sale period, shares are slated to begin trading on the Philippine Stock Exchange on 20 October.
This direct access for digital wallet users integrates retail investment with everyday financial services, potentially broadening the investor base for public listings.
Future of Direct Retail Offerings
Mynt's direct share allocation through GCash shows a new model for retail participation in Philippine IPOs. This method could expand the investor base for future public listings. The trading performance of Mynt shares, starting 20 October, will provide data on the effectiveness of this direct-to-consumer approach for other fintech companies considering market debuts.
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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