Ant-backed Mynt, which runs mobile wallet app GCash, rose as much as 2.4% in Manila after raising $841M in the Philippines' largest-ever IPO, valuing it at ~$7B (Kimberley Kao/Wall Street Journal)

Ant-backed Mynt, the parent company of digital payments leader GCash, launched the largest-ever IPO in the Philippines. According to The Business Times - Companies & Markets, the company raised 60.9 billion pesos (US$965.9 million) through the sale of eight billion shares, which included both primary and secondary shares. The Wall Street Journal reports the company raised over $841 million, valuing the fintech firm at approximately $7 billion.

On Tuesday, October 20, Mynt's shares opened at 6.63 pesos, up 0.5 per cent from its 6.60-peso initial public offering price. The Wall Street Journal notes the stock rose as much as 2.4% in Manila, while The Business Times - Companies & Markets reports the stock was trading at 6.74 pesos at 10 am, a 2.1 per cent increase from the offer price.

Proceeds from newly issued shares are intended to fund Mynt’s product development, general corporate purposes, and growth in digital financial services. The Business Times - Companies & Markets notes that the exercise of the over-allotment option brought the total raised to 60.9 billion pesos, surpassing the 52.2-billion-peso IPO by Monde Nissin in 2021.

Brief written by urgent.news from Techmeme, The Business Times - Companies & Markets — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.