PSE okays GCash parent Mynt’s P92.3 billion IPO
The Philippine Stock Exchange (PSE) approved Mynt Inc.'s initial public offering (IPO), clearing the path for the GCash parent to debut next month. The offering includes up to 8.03 billion shares, with an overallotment option for 1.20 billion additional shares. Priced at a maximum of P10 per share, the IPO could raise P92.32 billion, making it the largest in Philippine history. Mynt aims to list on October 20, with proceeds of P14.95 billion for expansion and product development.
Mynt’s IPO is not just a record-breaker for the Philippines; it tests new regulatory flexibility. The Securities and Exchange Commission (SEC) reduced the minimum public ownership to 12 percent from 15 percent for large issuers. Mynt, with a projected P668.96 billion market capitalization, is the first to use this rule. This sets a precedent for other large fintechs seeking public capital without diluting existing shareholders too much.
The offering connects 49 million GCash users to the stock market, expanding retail participation beyond Metro Manila. This is a deliberate strategy. PSE President Ramon Monzon expects significant uptick in new retail investors. The GStocks platform within GCash will facilitate subscriptions. Broader investor participation benefits future Philippine tech listings.
The thing to watch is the final offer price, determined October 1. The maximum P10 per share gives a P92.32 billion offering. If book building pushes the price lower, say to P7.50, the total offering shrinks. A lower price impacts Mynt’s capital raise and its record-setting claim. The market’s appetite for a fintech IPO will be clear then.
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