GCash parent cashes in on oversubscribed IPO
The maiden offering of Mynt Inc., the parent company of e-wallet giant GCash, has recorded strong demand across brokerage firms as the offer period for what would be the country’s biggest initial public offering officially ended yesterday.
Mynt Inc., the parent company behind the popular e-wallet service GCash, has seen overwhelming demand for its initial public offering (IPO), according to recent reports. The company's maiden offering is expected to be the largest IPO in the Philippines. Shares were allocated across various brokerage firms, with one brokerage firm reporting an oversubscription of more than 100 percent.
AB Capital Securities Inc., handling subscriptions through the GCash app, reported its share quota being 165.11 percent oversubscribed by Friday. Luis Limlingan, managing director of Regina Capital and Development Corp., stated that their allocation was four times oversubscribed due to strong demand. The IPO's enthusiasm was further fueled by the participation of 22 cornerstone investors, according to COL Financial Inc. chief equity strategist April Tan.
She noted that the pricing of the IPO, set at P6.60 per share, was also favorable and not expensive. The IPO officially concluded on October 12, 2021, with the planned debut on the Philippine Stock Exchange scheduled for October 20, 2021. Assuming overallotment options are utilized, the total gross proceeds from the IPO could potentially reach P60.93 billion.
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.
