GCash parent debuts at PSE, opens with P441.5B market capitalization

Shares of Mynt Inc., the parent company of mobile wallet GCash, began trading on the Philippine Stock Exchange on Tuesday, following its initial public offering (IPO) —the largest in the local bourse’s history.

On its market debut, Mynt’s shares opened at P6.64 apiece, from its IPO price of P6.60 per share.

The company offered 8,027,409,600 common shares with an overallotment option of up to 1,204,111,400 secondary common shares to the investing public.

“This is the largest initial public offering in the history of the Philippine Stock Exchange. It is a record, and more importantly, it is a statement of confidence in Mynt, in the Philippine economy, and in the strength of our capital market,” said PSE president and CEO Ramon Monzon.

“Today, Mynt debuts with a market capitalization of P441.5 billion, or about $7 billion,” said Monzon.

The PSE chief said Mynt is the seventh largest domestic company in the PSE, “further cementing its position as a fintech powerhouse.”

“The exchange regards this offering as a significant catalyst for the Philippine equities market,” the local bourse chief said. —AOL, GMA News