Institutional investors to inject P36.5 billion into GCash
E-wallet giant GCash is expected to book an immediate P36.5 billion in proceeds prior to listing, as large-scale funders take position, buying in as cornerstone investors. Based on its preliminary red herring prospectus, GCash’s parent Mynt Inc. said it has secured commitments from local and global investors to take part in its initial public offering.
E-wallet leader GCash is poised to raise P36.5 billion prior to its IPO, as major funders, including BlackRock, Capital Research and Management Co., and local banks, commit to purchase up to 59.8% of shares. This investment, equivalent to $581.3 million, represents 40% of Mynt Inc.'s P92.3-billion target proceeds. Cornerstone investors including BlackRock, a $15.3-trillion portfolio manager, have agreed to a maximum price of P6.60 per share, lower than the indicative range of P7 to P10.
The IPO is scheduled to take place from October 6 to 12, with share listing on the Philippine Stock Exchange main board on October 20. Mynt's president and CEO, Martha Sazon, views these commitments as a strong indication of GCash's position as the nation's top finance superapp and confidence in the company's long-term prospects.
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.
