Mynt IPO draws demand above brokers’ share allocations
The GCash parent priced its shares at ₱6.60, with gross proceeds potentially reaching ₱60.93 billion if overallotment options are exercised.
Mynt Inc. ended its initial public offering subscription window on Oct. 12, with brokers reporting that orders exceeded their allotted shares. The GCash parent is scheduled for a Philippine Stock Exchange debut on Oct. 20, trading under the symbol GCASH.
Subscriptions opened on Oct. 6 at an offer price of ₱6.60 a share. The IPO could generate gross proceeds of up to ₱60.93 billion, subject to the exercise of overallotment options.
Among the brokers reporting excess demand, AB Capital Securities Inc. said subscriptions for its allocation were 165.11 per cent oversubscribed. The firm handles applications through the GCash app. At Regina Capital and Development Corp., managing director Luis Limlingan reported oversubscription of four times the firm’s allocation.
COL Financial Inc. reported strong interest among retail investors. April Tan, its chief equity strategist, said participation widened after news emerged that roughly 22 cornerstone investors had committed to the IPO. She also said the offer price was not expensive.
