Mynt, the parent company of GCash, has secured commitments from more than 20 cornerstone investors for its proposed initial public offering (IPO), according to Mynt’s own newsroom.

The company said this represents the largest number of cornerstone investors secured for a Philippine IPO to date, subject to final pricing and completion of the offer.

The group consists of 14 foreign funds and six Philippine institutions, having committed to take up approximately 70% of the IPO shares, worth roughly PHP 36.5 billion, excluding the overallotment option, Manila Bulletin reported.

Global investors include funds managed by BlackRock, Capital Research and Management Company, FIL Investment Management, HSBC Global Asset Management, the International Finance Corporation, Lazard Asset Management, Schroders and T. Rowe Price, among others.

Domestic investors include BPI Asset Management and Trust Corporation, China Bank Capital Corporation, Metrobank Trust Banking Group, Philequity Management and RCBC Capital Corporation.

Mynt noted that Albizia Capital, Amundsen Investment Management and HSBC Global Asset Management are making their first cornerstone investment commitments in the Philippines, while Ninety One is participating as a cornerstone investor in Southeast Asia for the first time.

“The cornerstone investor group comprises leading institutions who have indicated interest to participate in Mynt’s proposed IPO,” said Martha Sazon, President and CEO of Mynt.

“We believe this reflects confidence in our position as the nation’s number one finance super app, our track record of profitable growth, and the significant market opportunity that lies ahead of us.”

Evelyn Ng, Chief Finance Officer of Mynt, said building a diversified, long-term shareholder base matters not just for the IPO itself but for Mynt’s next chapter as a public company.

Where the IPO Stands Now

The disclosure follows Mynt’s filing of its Red Herring Prospectus, after receiving a pre-effective approval letter from the SEC and a Notice of Approval from the PSE, as investor roadshows began ahead of pricing.

The announcement also coincided with Sazon’s appearance at the UN Global Compact Leaders Summit on September 23, where she spoke about letting Filipinos “borrow with dignity” as part of Mynt’s “Finance for All” mission, according to Tribune.

Mynt expects to determine the final Offer Price on October 1, following the bookbuilding process.

SEC approved Mynt’s IPO for up to PHP 92.32 billion in early September, and Mynt plans to list on the PSE Main Board under the ticker GCASH on October 20.

The scale of institutional interest also feeds into a broader regional story.

Because Ant Group holds comparable stakes in three other Southeast Asian e-wallets, Malaysia’s Touch ‘n Go, Indonesia’s DANA, and Thailand’s TrueMoney, GCash’s IPO pricing could become the first real market benchmark for what those unlisted wallets are worth.

Featured image: Edited by Fintech News Philippines based on images by whoisdanny via Magnific and Martha Sazon via Facebook.