Now that GCash is listed, here's what you should know

Mynt, the parent of GCash, began trading on the PSE on October 20 under the ticker GCASH.

Courtesy: GCash

GCash parent Mynt lists on the PSE

Mynt, Inc., the parent company of the group behind GCash, began trading on the Main Board of the Philippine Stock Exchange (PSE) on October 20 under the ticker GCASH, marking its transition into a public company.

President Ferdinand R. Marcos Jr. joined Ayala Corporation Chairman Jaime Augusto Zobel de Ayala, Ayala Corporation President and CEO Cezar Consing, Mynt Chairman Ernest Cu, Mynt President and CEO Martha Sazon, PSE President and CEO Ramon S. Monzon, and other stakeholders at the ceremonial opening bell.

GCASH opened at PHP 6.60 per share, implying an opening market capitalization of approximately PHP 442 billion.

The initial public offering (IPO) comprised 8,027,409,600 firm shares at PHP 6.60 per share, for a gross offer size of approximately PHP 53.0 billion.

The offer also includes an overallotment option of up to 1,204,111,400 secondary common shares. If it is exercised in full, the total gross offer size would rise to approximately PHP 60.9 billion, which would make it the largest IPO in Philippine history.

The institutional tranche was multiple times oversubscribed during bookbuilding and drew 20 foreign and domestic cornerstone investors, including new and returning institutional investors in the Philippine capital markets.

The Philippine Trading Participant tranche was also oversubscribed and recorded the highest take-up in peso value.

Retail investors took part through GStocks PH, the stock trading platform offered by AB Capital Securities within the GCash app. At least 140,000 users placed orders worth about PHP 1.1 billion, which Mynt described as one of the largest retail investor mobilizations in Philippine capital market history through a single digital platform.

GStocks offered entry at a minimum board lot of 100 shares, or PHP 660.

From the third day of the offer period, individual orders were capped at 1,500 shares per user to accommodate as many retail investors as possible. Most retail participants have been GCash users for over two years, according to Mynt.

The offer also made 80 percent of Mynt's total workforce shareholders as of the IPO date.

Mynt intends to use the net IPO proceeds primarily to grow its Digital Financial Services business, which includes its CreditTech and WealthTech offerings, as it aims to deepen GCash's role in the everyday lives of Filipinos.

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