The clearance of the Mynt’s IPO includes the grant of its request for a lower minimum initial public float of 12 percent-as opposed to 15 percent-in accordance with SEC Memorandum Circular 11 (series of 2026), or the ‘Minimum Public Ownership Rules for Issuers of Shares of Stock to be Listed on an Exchange.’
Under the ruling, the agency may approve, upon recommendation of the Philippine Stock Exchange, the lowering of the public float of issuers with exceptionally large expected market capitalization at the time of listing. Mynt’s expected initial market capitalization upon listing is P668.96 billion, according to data submitted to the SEC as part of its registration.
This exceeds the P200-billion initial market capitalization threshold under MC 11.
The company will offer up to 1.61 billion common shares as part of the primary offer, while up to 6.42 billion shares will be offered and sold by a selling shareholder. The offer also includes an overallotment option of up to 1.2 billion shares.
The shares will be sold at an indicative price of up to P10 apiece.
Assuming the overallotment option is oversubscribed, the company looks to net up to P89.25 billion from the total offer.
Around P14.95-billion worth of net proceeds is expected from the primary offer, which will be used for digital financial services growth, product development and general corporate purposes.
The offer period will run October 6 to October 12, in time for the issuance and listing on the Main Board of the PSE under the ticker ‘GCASH’ on October 20.
Mynt has picked BPI Capital Corp. and BDO Capital and Investment Corp. as the domestic lead underwriters and joint bookrunners for the offer.
Jefferies Singapore Ltd., CLSA Ltd. and The Hongkong and Shanghai Banking Corp. Ltd.-Singapore Branch will serve as international joint bookrunners. Morgan Stanley and Co. International Plc., J.P. Morgan Securities Plc. and UBS AG-Singapore Branch will serve as joint global coordinators and joint bookrunners.