MYNT, the parent of Philippine mobile wallet GCash, has priced its initial public offering (IPO) at P6.60 per share, two sources with knowledge of the matter said on Thursday, in a deal that will raise about P53 billion.
Mynt plans to sell up to 8.03 billion shares. If the overallotment option covering up to 1.2 billion additional shares is fully exercised, total proceeds could reach about P60.9 billion, according to Reuters calculations.
Asked to confirm the price, Mynt said it was “unable to comment on market speculation.”
“Stakeholders should refer to the disclosures made through official announcements only,” it said.
The deal, set to become one of the largest share sales on record in the Philippines, would provide a much-needed boost to the Philippine equity market, where companies have raised just $227.1 million through equity capital market transactions so far this year as of Sept. 29, according to LSEG data.
Cornerstone investors, large institutions that commit to buying shares before an IPO opens to the public, have agreed to buy P36.5 billion of shares in the offering, the preliminary prospectus dated Sept. 22 showed.
They include Capital Research and Management Co., Citadel Multi-Strategy Equities Master Fund Ltd., FIL Investment Management (Hong Kong), HSBC Global Asset Management, International Finance Corp. and Lazard Asset Management.
Domestic cornerstone investors include ATRAM Trust Corp., BPI Asset Management and Trust Corp., and China Bank Capital Corp., the preliminary prospectus showed.
The trading debut is scheduled for Oct. 20, it said.
