GCash parent Mynt has priced its IPO at US$0.11 per share. Retail investors can subscribe from 6 to 12 October, after institutional demand left the book oversubscribed multiple times, Mynt said in a statement.

Mynt priced the shares about a third below the US$0.16 maximum it set out in its June filing.

The base offer of 8.03 billion shares raises about US$846 million, and the deal could reach US$972 million if underwriters fully exercise the overallotment option of 1.2 billion additional shares.

At the higher figure of PHP 60.9 billion, Mynt said the deal would become the largest IPO in Philippine history, surpassing the PHP 55.89 billion Monde Nissin raised in 2021, according to Reuters via DealStreetAsia.

Before pricing, Mynt had secured more than 20 cornerstone investors, including BlackRock, who committed to about 70% of the shares on offer, worth roughly US$582 million.

Mynt said demand in the bookbuild went beyond those commitments.

“We have sought to maintain meaningful access for Filipino investors as we transition to a public company,” said Evelyn Ng, Chief Finance Officer of Mynt.

Ordering Shares Through the GCash App

Martha Sazon, President and CEO of Mynt, said in a LinkedIn post that users can place orders directly through GStocks PH, the app’s stock trading service, which introduced IPO subscriptions with AB Capital Securities.

Orders start at 100 shares, or about US$10.50 at the offer price.

Users fund their GStocks trading wallet from their GCash balance, select the IPO banner, accept the disclosures and confirm the number of shares.

Users cannot reduce or cancel their orders once they submit them, according to the in-app screens in GCash’s guide.

Mynt expects the shares to start trading on the PSE Main Board on 20 October under the ticker GCASH, though the timetable still depends on SEC and PSE approvals and market conditions.

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