GCash settles at P6.60 for market debut

GCash operator Mynt Inc. has settled on P6.60 per share for its stock market debut, locking in a price well below its earlier P10 maximum offer price as the financial technology giant moves closer to one of the country’s biggest initial public offerings.

At the final price, Mynt’s base offer of 8.027 billion common shares would be worth about P52.98 billion, significantly lower than the P80.27 billion implied by the P10 ceiling.

The IPO could raise as much as P60.93 billion if an overallotment option covering up to 1.204 billion secondary shares is fully exercised.

The P6.60 final price represents a 34-percent discount to the P10 maximum price, effectively lowering the entry price for investors ahead of Mynt’s planned Philippine Stock Exchange (PSE) debut.

Ayala Corp. disclosed the final pricing on Friday as Mynt advances toward completing its long-awaited listing.

The company behind GCash had earlier submitted its registration statement to the Securities and Exchange Commission (SEC) and its listing application to the PSE. It received a pre-effective letter from the SEC on 5 September and the PSE’s notice of approval on 17 September.

The listing, however, has yet to cross its final regulatory hurdles.

Ayala said the proposed IPO remains subject to compliance with conditions under the SEC pre-effective letter and the PSE notice of approval, as well as the SEC’s issuance of a permit to sell and other terms of the offer.

The PSE earlier welcomed the planned listing, which it expects to provide a boost to the local equities market and potentially encourage other technology companies to tap public investors.

“We welcome this highly anticipated IPO, which is poised to set the record as the largest public offering in PSE history. I hope this landmark listing will pave the way for more fintech and digital economy firms to go public and raise capital through the equities market,” PSE President and CEO Ramon S. Monzon said.