Mynt’s IPO could raise record PHP 60.9 billion, lists Oct. 20

MANILA — Mynt, Inc., the parent company of the group behind GCash, has set the final price of its initial public offering (IPO) at PHP 6.60 per share after the deal drew strong demand from major foreign and domestic institutional investors.

If it fully exercises its overallotment option, the offer could raise up to about PHP 60.9 billion, making it the largest IPO in Philippine history.

The pricing matters beyond the trading floor. GCash is the mobile wallet that millions of Filipinos use to pay bills, send money, and buy from small sellers. The listing gives ordinary Filipinos a chance to buy into a company that many of them already use every day, and it will test how far retail investors can take part in a market that big institutions have long dominated.

A deal of this size could also bring more investors to the Philippine Stock Exchange (PSE), where large IPOs have been rare in recent years.

At the final offer price, the sale of 8,027,409,600 common shares, called the “Firm Shares,” amounts to a gross offer size of about PHP 53.0 billion, Mynt said in a statement on Oct. 2.

The overallotment option covers up to 1,204,111,400 secondary common shares. Full exercise of that option would lift total proceeds to about PHP 60.9 billion.

That figure would top the PHP 48.6 billion IPO of food manufacturer Monde Nissin Corp. in June 2021, which is widely cited as the current record.

The price came after what Mynt described as an extensive bookbuilding process, during which underwriters gauge investor demand before setting the final price.

The book was oversubscribed multiple times, with meaningful demand beyond the shares already committed to cornerstone investors, the company said.

Mynt said final allocations are expected to reflect the size and quality of demand.

The company added that it aims to build a diversified, high-quality shareholder base of global and domestic institutions. It also aims for a robust retail shareholder base, which it said reflects the strong brand recognition of GCash among the Philippine public.

“The depth and quality of demand we have seen through this process reflects investor confidence in Mynt’s growth story. We have sought to maintain meaningful access for Filipino investors as we transition to a public company. We believe the final price and allocation provide a strong foundation for Mynt’s next chapter and for creating long-term value for all our shareholders, while continuing to advance our mission of Finance for All,” said Evelyn Ng, Mynt chief finance officer.

The Trading Participants and Retail Offer is scheduled to run from Oct. 6 to Oct. 12. It depends on Mynt receiving a Permit to Sell from the Securities and Exchange Commission (SEC) and meeting other customary conditions.

The shares are expected to list on the PSE Main Board under the ticker “GCASH” on Oct. 20.

The timetable remains subject to approvals from the SEC and the PSE, market conditions, and other customary considerations, the company said.

Morgan Stanley & Co. International plc, J.P. Morgan Securities plc, and UBS AG Singapore Branch are the joint global coordinators and joint bookrunners.

Jefferies Singapore Limited, CLSA Limited, and The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch are the international joint bookrunners.

BPI Capital Corporation and BDO Capital & Investment Corporation are the domestic lead underwriters and joint bookrunners.

AB Capital & Investment Corporation and First Metro Investment Corporation are also domestic lead underwriters, while Maybank Securities Pte. Ltd. is the international co-manager.

China Bank Capital Corporation, RCBC Capital Corporation, and East West Banking Corporation are the domestic participating underwriters.

Mynt said it will release further disclosures at the appropriate time and in line with applicable requirements.

Mynt describes itself as the first and only USD 5 billion unicorn in the Philippines. It is a mobile financial services company focused on speeding up financial inclusion through mobile money, financial services, and technology.

It runs two fintech companies. G-Xchange, Inc. (GXI), a wholly owned subsidiary, operates the GCash mobile wallet. Fuse Lending is a tech-based lender that offers Filipinos microloans and business loans.

Through its app, GCash lets users buy prepaid airtime, pay partner billers nationwide, and send and receive money anywhere in the country, including to bank accounts.

Users can also pay more than 6 million partner merchants and social sellers and get access to savings, credit, loans, insurance, and investments.

Mynt and GCash say they support the United Nations Sustainable Development Goals, particularly SDGs 5, 8, 10, and 13. The release describes these as covering safety and security, financial inclusion, diversity, equity, and inclusion, and urgent action against climate change and its impacts.