GCash Parent Mynt Makes PSE Debut in Record 60.9-Billion-Peso IPO, the Largest in Philippine History
MANILA — Mynt, Inc., the company behind the GCash e-wallet, debuted on the Philippine Stock Exchange (PSE) Main Board on October 20 under the ticker GCASH. Its initial public offering totalled 60.9 billion pesos, the largest in Philippine stock market history, surpassing Monde Nissin's 55.89-billion-peso IPO in 2021, BusinessWorld reported.
Mynt sold about 8.03 billion shares at 6.60 pesos each, comprising 1.61 billion new shares and 6.42 billion existing shares sold by current shareholders. The base offering was about 53 billion pesos, rising to 60.9 billion pesos with the exercise of an overallotment option. The shares opened at 6.63 pesos. President Ferdinand R. Marcos Jr. led the bell-ringing ceremony at the PSE Tower in Taguig.
Marcos said the listing was a "significant achievement" showing world-class innovation can be developed in the Philippines, adding that its timing was especially meaningful as the stock market needs renewed investor interest and broader participation. "It is a record and, more importantly, a statement of confidence in Mynt, in the Philippine economy and in the strength of our capital market," PSE President and CEO Ramon S. Monzon said.
Under its final prospectus, Mynt plans to allocate 60 percent of the net proceeds from the primary offering to expanding its credit technology (CreditTech) business, with the remainder for product development and general corporate purposes. Mynt is the first company to debut on the PSE this year.
Source: GSM · USA (original Chinese edition)
Photo: 马尼拉马卡蒂夜景。图片：© Pixtuqq / CC0，Wikimedia Commons
