Mynt gives retail investors early IPO allocation

Retail investors looking to secure shares in Mynt Inc.’s initial public offering (IPO) will get a chance to lock in an early allocation through GCash as institutional investors take up a large portion of the P53-billion offer.

Mynt, the parent company of the group behind GCash, said on Tuesday that GStocks PH users placing orders on 6 and 7 October will have their first 100 shares allocated in real time while shares remain available.

At the final offer price of P6.60 per share, the minimum 100-share order will cost P660.

“We built GStocks PH to completely eliminate the friction of traditional investing. By allowing users to set up and fund their wallets in a matter of minutes, and participate responsibly in the capital markets, we are proving that investing and building a stronger financial future is no longer out of reach for Filipinos,” Mynt Group Head of New Businesses Winsley Bangit said.

Investors may subscribe to more than 100 shares, with no maximum order limit. Shares beyond the initial 100, however, will be processed on a first-come, first-served basis and remain subject to availability.

The retail allocation comes as more than 20 global and local institutions have already accounted for 70 percent of the IPO allocation.

These include certain funds and separately managed accounts managed by investment management subsidiaries of BlackRock Inc., the International Finance Corp., BPI Asset Management and Trust Corp., and Metropolitan Bank & Trust Co.–Trust Banking Group.

Mynt’s IPO covers more than 8 billion shares and totals about P53 billion at a P6.60 final offer price.

Assuming the full exercise of an overallotment option covering up to 1.204 billion secondary common shares, the offering could raise as much as P60.9 billion, which would make it the largest IPO in the country.

Mynt received its permit to sell from the Securities and Exchange Commission, allowing it to proceed with the offer period from 6 to 12 October.

Through GStocks PH, which is offered by AB Capital Securities Inc., eligible GCash users can subscribe without opening a separate bank or brokerage account.

Order fulfillment will begin 8 October. Investors can monitor whether their orders are fulfilled, pending, or unfulfilled through the GStocks PH dashboard

If demand exceeds the shares initially available to AB Capital, users can continue placing orders but will have to wait until after the offer period to determine their final allocation. Oversubscribed orders are not guaranteed, while unused funds will be returned.

GStocks PH is available to users who are at least 18 years old and fully verified on GCash.

Mynt is scheduled to list on the Philippine Stock Exchange’s Main Board on 20 October under the ticker symbol GCASH.