GCash Parent Mynt Lists After Record ₱60.9 Billion Philippine IPO

Mynt, Inc., the company behind Philippine digital wallet GCash, listed on the Philippine Stock Exchange (PSE) on Tuesday, Oct. 20, after a ₱60.9 billion IPO, the largest in the exchange’s history.

The offering total includes shares sold by Mynt and by existing holders. Mynt sold 1,605,481,900 new shares at ₱6.60 each, raising about ₱10.6 billion before expenses for the company. Existing holders sold 6,421,927,700 shares, and the offer included an option for up to 1,204,111,400 more of their shares.

Mynt plans to use proceeds from the new shares for digital financial services growth, product development and general corporate purposes. Proceeds from shares sold by existing holders go to those sellers. The distinction leaves Mynt with a smaller amount to deploy than the headline offering figure suggests.

GCash users also took part in the IPO: 140,725 subscribers invested about ₱1.1 billion through the app. After the listing, GCASH shares must be bought or sold through licensed PSE trading participants. GStocks PH in the GCash app is one route for eligible users.

At the ₱6.60 offer price, the exchange’s 100-share board lot cost ₱660 before charges. The amount needed to buy a board lot changes with the share price, and broker commissions vary. Sellers also pay a 0.1% stock transaction tax.

The final offer price was below the ₱10-per-share maximum in Mynt’s earlier IPO filing. That filing had set Oct. 20 as a tentative listing date and described an offering in which existing holders would sell most of the shares.

The IPO was not a U.S. public offering. GCASH is listed on the Philippine exchange, where its trading price can differ from the ₱6.60 offer price. Investors can follow the company’s performance through its quarterly results and its full-year report.