Mynt Inc. began trading on the Philippine Stock Exchange on Tuesday, Oct. 20, under the ticker GCASH, completing an initial public offering that could raise up to ₱60.9 billion in the country’s largest listing to date.
The parent company of mobile wallet GCash opened at ₱6.60 per share, establishing an initial market capitalization of approximately ₱442 billion. The offering comprised 8,027,409,600 firm common shares valued at ₱53.0 billion, alongside an overallotment option of up to 1,204,111,400 secondary shares. If underwriters exercise the overallotment option in full, the gross proceeds will reach the ₱60.9 billion ceiling.
The institutional tranche was multiple times oversubscribed during bookbuilding, securing commitments from 20 foreign and domestic cornerstone investors. Trading participants and retail buyers also oversubscribed their allocations. More than 140,000 retail investors placed orders totaling roughly ₱1.1 billion through GStocks PH, an in-app brokerage feature operated by AB Capital Securities inside GCash. GStocks set the minimum entry threshold at 100 shares (₱660) and instituted an order cap of 1,500 shares per user starting on the third day of the offer to widen distribution. (Read Now: GCash Stock Debut: What Retail Investors Need to Know After Record ₱60.9 Billion PSE Listing)
“Our focus now is on deepening engagement across the GCash ecosystem, investing in technology-enabled growth and translating our scale into sustainable value creation,” Mynt Chief Executive Officer Martha Sazon said in a statement.
Mynt said it will direct the net primary proceeds toward expanding its digital financial services division, specifically its credit and wealth management technology units. The company also confirmed that 80% of its workforce held equity in the business as of the listing date. (Read More: We Tried GStocks PH: How to Buy PSE Stocks and Public Offerings via GCash)
President Ferdinand R. Marcos Jr. joined executives from Mynt, conglomerate Ayala Corp. and the local bourse at the trading floor to ring the opening bell.
Mynt began operations 22 years ago as an SMS-based money transfer service before expanding into app-based consumer payments, merchant acquiring and digital lending. Its current operations include payments arm G-Xchange Inc. and lending subsidiary Fuse Financing Inc.
Disclosure: AI has been used to assist in developing this article.
This article is published on BitPinas: GCash Parent Mynt Debuts on Philippine Bourse at ₱442 Billion Valuation
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