Mynt IPO could raise $1.5b for GCash parent

The final price will be set later through a book building process.

Mynt, Inc., the parent company of the Philippine mobile wallet and financial platform GCash, has submitted its initial public offering (IPO) applications to the local Securities and Exchange Commission and the Philippine Stock Exchange.

The IPO is expected to raise up to $1.5b (P92.3b) in gross proceeds, assuming the overallotment option is completely filled.

The company expects to launch the listing on the main board in the fourth quarter of this year.

The proposed offering will comprise up to 8,027,409,600 common shares, alongside an overallotment option of up to 1,204,111,400 secondary common shares.

The core offer includes up to 1,605,481,900 new primary shares and up to 6,421,927,700 secondary shares from existing shareholders.

Following the listing, Mynt expects to have a total of 66,895,913,057 outstanding common shares.

The baseline shares represent approximately 12.0 per cent of Mynt's capital stock, rising to 13.8 per cent if the overallotment option is fully exercised.

Whilst the final price will be decided later through a book-building process, Mynt has set a maximum price of $0.16 (P10.00) per share for its registration filing.