GCash IPO seen to boost PH capital market

Securities and Exchange Commission (SEC) Chairman Francis Lim said he is “fervently hoping” that the GCash IPO will help generate gains for the country’s capital market.

“[We are] fervently hoping that GCash’s IPO will be a catalyst, especially for our capital market,” Lim said.

The Philippine Stock Exchange (PSE), meanwhile, has expressed optimism that the landmark listing could boost trading activity and attract more retail investors, particularly as subscriptions to the IPO will be accessible through GStocks, GCash’s stock-trading platform.

PSE President and Chief Executive Officer Ramon Monzon said he is “optimistic” that the debut will drive strong market activity ahead of the fourth quarter and result in a significant increase in new retail investors.

“I am optimistic that this debut will drive strong market activity ahead of Q4. We expect to see a significant uptick in new retail investors,” Monzon said in an earlier media interview.

Trade Secretary Ma. Cristina Roque also said the wider use of GCash and digital-payment platforms could help micro, small and medium enterprises (MSMEs) expand their market reach, particularly through e-commerce.

“Companies like GCash and digital payments will really help MSMEs grow, as it will become easy for them to sell their products, especially on e-commerce platforms,” she said.

She added that digital payments could make it easier for MSMEs to reach and transact with customers in far-flung areas, allowing small businesses to participate more actively in the digital economy.

The PSE approved Mynt’s listing application on Sept. 18, moving the company closer to what is expected to become one of the largest IPOs in Philippine history.

In separate statements, Ayala Corp. and Globe Telecom Inc. said Mynt received the PSE’s Notice of Approval on Sept. 17 for its listing application covering up to 8.03 billion common shares, with an overallotment option of up to 1.20 billion additional secondary common shares.

The PSE approval came less than two weeks after Mynt received a pre-effective letter from the SEC for its proposed IPO.

Mynt’s planned offering carries a maximum indicative price of ₱10 per share and could generate gross proceeds of up to ₱92.32 billion if the overallotment option is fully exercised, potentially making the GCash listing one of the largest IPOs in Philippine history.

The final offer price, however, will be determined through the book-building and price-discovery process, with the public offering scheduled for Oct. 6 to 12 and the tentative PSE listing set for Oct. 20. —AOL, GMA News