The Philippine Securities and Exchange Commission has cleared Mynt, the Filipino fintech company behind GCash, for an initial public offering of up to P92.32 billion (US$1.47 billion) before a planned October 20 listing on the Philippine Stock Exchange’s Main Board under the ticker GCASH.

The registration statement covers up to 66.9 billion common shares. The offer includes up to 1.61 billion primary shares, 6.42 billion secondary shares, and an overallotment option of up to 1.20 billion shares, priced at up to P10 (US$0.16) each.

Mynt expects net proceeds of up to P89.25 billion (US$1.42 billion) from the total offer if the overallotment option is fully subscribed. About P14.95 billion (US$238 million) in net proceeds from the primary sale will fund growth in digital financial services, product development, and general corporate purposes.

The offer period is set for October 6 to 12.

The Securities and Exchange Commission also said Mynt is the first company allowed a 12% initial public float instead of 15% under the regulator’s lower requirement for large issuers.

🔗 Source: Inquirer Net

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