‘GCash IPO may fetch P7.50-P8.50 a share’
Mynt Inc., the parent company of e-wallet giant GCash, is expected to settle on a slightly lower offer price for its upcoming initial public offering (IPO), which is still expected to be the largest in the country’s history.
Mynt Inc., the parent company of the popular e-wallet GCash, is anticipated to select a modest IPO price, though it is still anticipated to be the largest in the nation's history. Eduardo Francisco, president of BDO Capital & Investment Corp., said Mynt could offer its shares at P7.50 to P8.50 each, below the prospectus's maximum price of P10 per share.
Francisco noted that the P10 is not a fixed price, but suggested a deal might be possible if Mynt settles closer to P7.50 to P8.50. The domestic lead underwriters and joint bookrunners for the offering are BDO Capital and BPI Capital Corp. Mynt plans to offer up to 1.61 billion common shares, while a selling shareholder will offer up to 6.42 billion shares.
An overallotment option of up to 1.20 billion shares is also included. If the IPO raises the gross proceeds at the upper end of the range, Mynt could gather up to P92.3 billion. However, if the price settles between P7.50 to P8.50, gross proceeds may range between P69.23 billion and P78.46 billion, still higher than Monde Nissin's P55.89 billion IPO in 2021.
The Securities and Exchange Commission approved Mynt's IPO last week, making it the first of the year. The pricing is scheduled for Oct. 1, with the offer running from Oct. 6 to Oct. 12, and the proposed listing on the Philippine Stock Exchange on Oct. 20 under the ticker "GCASH."
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
