GCash parent Mynt prices its Philippine IPO at P6.60 per share, raising about P53B in the country's largest listing

Mynt, the parent of GCash, has priced its initial public offering at P6.60 per share, Reuters reported citing two sources. Mynt said it could not comment on market speculation and pointed to its official disclosures.

At that price the base offer of up to 8.03 billion shares raises about P53 billion, rising to roughly P60.9 billion if the 1.2 billion-share overallotment is exercised. The offer period runs from 6 to 12 October, with listing on the Philippine Stock Exchange set for 20 October under the ticker GCASH. It would be the largest IPO in Philippine history.

The price sits below the P7 to P10 range floated earlier. Cornerstone investors have committed P36.5 billion, including Capital Research and Management, Citadel, Fidelity (FIL), HSBC Global Asset Management, the IFC and Lazard Asset Management.

Founded in 2015 by Globe Telecom, Ayala and Ant Group, Mynt runs GCash, used by 41.5 million monthly active users, about 56% of Filipino adults, plus Fuse Financing and the wealth platform Ryse.