The company behind the Philippines’ biggest mobile wallet GCash is preparing what may become the country’s biggest initial public offering ever, seeking to raise as much as 92.3 billion pesos ($1.5 billion). expects to sell up to 9.23 billion shares, including through an over-allotment option, at up to 10 pesos apiece, according to a person with knowledge of the matter. An official announcement could come as soon as Friday, said the person, who asked not to be identified because the information isn’t public yet. “Beyond publicly disclosed information, as a matter of policy, we do not comment on market speculation,” a representative for Mynt said. Mynt, whose key shareholders include Globe Telecom Inc., Ant International and Mitsubishi UFJ Financial Group Inc., could raise more than the 2021 IPO of Monde Nissin Corp., which secured around $1 billion. “Mynt could still revise the pricing lower, which I’d expect if demand proves soft,” he added. Shares of Globe Telecom closed flat at 1,800 pesos in Manila. Mynt’s IPO comes as the Philippine stock market, which has grappled with low trading volumes and a spate of delistings, sees improved sentiment due to recent easing of tensions in the Middle East and a wave of tech listings abroad. Market participants have been waiting for Mynt’s IPO for some time. Regulators have eased the rules on the minimum public float requirement for IPOs to encourage large listings.
Key Takeaways
- expects to sell up to 9.23 billion shares, including through an over-allotment option, at up to 10 pesos apiece, according to a person with knowledge of the matter.
- An official announcement could come as soon as Friday, said the person, who asked not to be identified because the information isn’t public yet.
- “Beyond publicly disclosed information, as a matter of policy, we do not comment on market speculation,” a representative for Mynt said.
- Mynt’s offered shares, including the over-allotment option, would comprise 13.8% of Mynt’s outstanding capital stock, the person said.
- The planned offer implies a valuation of nearly $11 billion, or above Mynt’s target of $8 billion, said Jarrod Leighton Tin, equity research analyst at DragonFi Securities.
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