GCash operator Mynt raises record $966m in Philippine IPO

Shares opened 0.5% above their offer price as the company made its market debut on 20 October.

Mynt, the operator of mobile wallet GCash, raised $965.7m (P60.9b) in the Philippines’ largest initial public offering (IPO) on record, with its shares rising 0.5% on their market debut on 20 October.

The fintech company’s shares opened at $0.105 (P6.63), above the IPO price of $0.105 (P6.60). The Philippine Stock Exchange index fell 0.2%, reported Reuters.

Mynt sold 8.03 billion shares at P6.60 each. The exercise of an overallotment option increased the offering from $840.5m (P53b) to $965.7m (P60.9b), surpassing Monde Nissin’s $827.8m (P52.2b) IPO in 2021, according to LSEG data.

The offering included both new and existing shares. Proceeds from the new shares will go to Mynt, whilst proceeds from the sale of existing shares will go to current shareholders.

More than 20 cornerstone investors committed about $500m, or nearly 60% of the base offering. They included BlackRock, Citadel, Fidelity International and the International Finance Corporation.

Mynt plans to use the proceeds to expand its digital financial services business, develop products and fund general corporate purposes, according to its IPO prospectus.

($1 = P63.1)