GCash Parent Mynt Prices Philippine IPO at ₱6.60, With Record Size Possible

MANILA — Mynt, the parent company of the GCash digital wallet, has priced its initial public offering at ₱6.60 a share, according to a Globe Telecom filing reported by GMA News. At that price, the base sale of about 8.03 billion shares amounts to roughly ₱53 billion ($841 million).

If an option to sell up to 1.20 billion additional shares is fully exercised, the offering would reach approximately ₱60.9 billion ($966 million), Mynt said. Nikkei Asia reported that this would make it the largest public offering in Philippine history. For comparison, Rappler reported that food manufacturer Monde Nissin’s 2021 listing raised about ₱55.89 billion, including shares sold by existing investors.

The distinction between the base sale and the possible total matters to prospective shareholders: the additional shares are held by existing investors, according to Globe’s filing as reported by GMA News. Rappler reported that the base offer also includes both newly issued shares, which raise capital for Mynt, and shares sold by an existing holder. Citing the Securities and Exchange Commission, Rappler said Mynt planned to put its proceeds from the newly issued shares toward digital financial services, product development and general corporate purposes.

Mynt set an October 6–12 offer period and is targeting an October 20 listing on the Philippine Stock Exchange, according to its published offer details and GMA News. The company said investors could order shares through the GCash app’s stock-trading service, with a minimum order of 100 shares costing ₱660 (about $10.50) at the offer price.

According to GMA News, the offering has received approvals from the Philippine Securities and Exchange Commission and the stock exchange. Rappler reported that the regulator permitted Mynt to offer a smaller initial proportion of its shares to the public than is normally required of large issuers, under a rule available to companies valued at at least ₱200 billion. GMA News said existing shareholders would retain about 88% of Mynt after the base offer, or about 86.2% if the additional-share option is fully exercised.