Mynt, a Filipino fintech company behind mobile wallet GCash, is set to raise about 60 billion pesos (US$958 million) in a Manila initial public offering at about 6.5 pesos (US$0.1) per share, according to people familiar with the matter, after the Philippine Stock Exchange approved the offer.

BlackRock, Capital Group, Schroders, and International Finance Corp., part of the World Bank Group, are among cornerstone investors expected to take up around 70% of the share sale, according to people familiar with the matter.

The indicated price is below the 10 pesos (US$0.16) maximum in Mynt’s June filing, and the offering is on track to surpass Monde Nissin’s 2021 record as the Philippines’ biggest IPO.

Mynt plans to set the final price on October 1, open the offer from October 6 to October 12, and list on October 20.

It plans to use the proceeds to expand digital financial services, support product development, and fund general corporate purposes.

The offering comes as Filipino regulators have issued rules for large IPO investors and updated rules on tiered public-float requirements.

🔗 Source: Bloomberg

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