Mynt Inc., the parent company of GCash, made history on Tuesday as it debuted on the Philippine Stock Exchange (PSE) following a P53-billion initial public offering (IPO), the largest in the local bourse's history. Shares of Mynt, trading under the ticker GCASH, opened at P6.60 apiece and rose to P6.62, up 0.30 percent, giving the fintech company a market capitalization of about P442 billion. RTVM SCREENGRAB.
PSE President and CEO Ramon Monzon called the listing the largest IPO in the exchange's history, marking the culmination of a three-year process. The offering could reach P60.9 billion if the overallotment option is fully exercised. Retail participation included 140,725 GCash subscribers who invested about P1.1 billion through GStocks PH within the GCash app.
President Ferdinand Marcos Jr. lauded the listing, stating more Filipinos can now participate in the stock market using their phones. Marcos rang the ceremonial bell and highlighted how the company's landmark offering could help democratize investment opportunities for ordinary citizens.
Source: Wall Street Journal Markets · Summarized by HeadlinesBriefing