IFC greenlights P4.4 billion bet on GCash IPO

The International Finance Corp. (IFC) has authorized a P4.4-billion investment in the initial public offering (IPO) of GCash operator Mynt Inc., as reported on September 18. The IFC's investment in Mynt is being handled directly from its own account. Mynt's IPO will see cornerstone investors, including the IFC, purchasing P36.5 billion of the company's offer shares, with these cornerstone shares making up 59.8 percent of the total offer, depending on the exercise of the overallotment option.

Apart from the IFC, other international cornerstone investors include well-known names such as BlackRock Inc., Capital Research and Management Co., and others. Domestic cornerstone investors include ATRAM Trust Corp., BPI Asset Management and Trust Corp., and China Bank Capital Corp.