GCash parent cashes in on oversubscribed IPO

As offer period ends

MANILA, Philippines — The maiden offering of Mynt Inc., the parent company of e-wallet giant GCash, has recorded strong demand across brokerage firms as the offer period for what would be the country’s biggest initial public offering (IPO) officially ended yesterday.

Allocated shares were significantly oversubscribed, with one broker registering oversubscription levels exceeding 100 percent.

AB Capital Securities Inc., which is handling subscriptions directly via the GCash app, said its assigned share quota was 165.11 percent oversubscribed by Friday.

Luis Limlingan, managing director of Regina Capital and Development Corp., for his part, said robust demand led to their firm’s allocation being four times oversubscribed.

Online trading firm COL Financial Inc. also saw massive retail interest.

COL Financial chief equity strategist April Tan said investor enthusiasm got a boost from news that roughly 22 cornerstone investors had agreed to take part in the IPO, driving wider participation.

“And the price is also good, not expensive,” she said.

Mynt, which wrapped up its IPO yesterday, is slated to debut on the Philippine Stock Exchange under the ticker symbol GCASH on Oct. 20.

The offer period ran from Oct. 6 to Oct. 12. At a price of P6.60 per share and assuming overallotment options are exercised, the company’s total gross proceeds for the IPO could reach up to P60.93 billion.