(UPDATE) MANILA, Philippines — Mynt Inc., the parent company of GCash, made history on Tuesday as it debuted on the Philippine Stock Exchange (PSE) following a P53-billion initial public offering (IPO), the largest in the local bourse’s history.
Shares of Mynt, trading under the ticker symbol GCASH, opened at P6.60 apiece and rose to P6.62 as of 1:11 p.m., up P0.02 or 0.30 percent, giving the fintech company a market capitalization of about P442 billion.
“This is the largest initial public offering in the history of the Philippine Stock Exchange,” PSE President and CEO Ramon Monzon said, describing the listing as the culmination of a three-year process.
The offering could reach P60.9 billion if the overallotment option is fully exercised. Retail participation included 140,725 GCash subscribers who invested about P1.1 billion through GStocks PH, the stock trading platform operated by AB Capital Securities within the GCash app.
Meanwhile, President Ferdinand Marcos Jr. lauded the listing, saying more Filipinos can now participate in the stock market using their phones.
Gcash that has 41.5 million active users monthly.
During the listing ceremony in Taguig City, Marcos rang the ceremonial bell and highlighted how the company’s landmark P61-billion initial public offering (IPO) could help democratize investment opportunities for ordinary citizens.
“What makes this occasion even more meaningful is that ordinary Filipinos now have an opportunity to participate in these markets,” said Marcos.
“In fact, the same phone that Filipinos are using to pay bills, to buy groceries, or send money to their families can now be used also to participate in Mynt’s public offering,” he added.
