Mynt starts taking orders for record IPO in the Philippines

Mynt Inc., the company behind the Philippines’ dominant mobile wallet GCash, has begun accepting investor orders for an initial public offering that would dwarf every previous listing in the country’s history. The target: up to ₱92.3 billion, roughly $1.5 billion, which would make it almost twice the size of the previous record holder. That record belongs to food conglomerate Monde Nissin, which raised ₱55.89 billion when it went public in 2021. The numbers behind the offering Mynt plans to issue up to 8.03 billion shares at a maximum price of ₱10 per share, with an additional 1.2 billion-share overallotment option if demand warrants it. The offer period runs from October 6 to 12, with pricing expected around October 1 and a listing date of October 20 under the ticker GCASH. At its maximum indicative valuation of ₱669 billion, or approximately $10.9 to $11 billion, Mynt would be worth more than BDO Unibank, the Philippines’ largest bank by market capitalization. The offering consists predominantly of secondary shares from existing shareholders, including Ant Group, the Chinese fintech giant controlled by Jack Ma’s empire. Only about 30% of IPO proceeds will flow into the company it...