Mynt IPO Draws Heavy Demand as GCash Listing Nears
Mynt Inc., the parent company of GCash, has attracted
substantial investor interest in its initial public offering (IPO), with share
allocations oversubscribed across several Philippine brokerage firms ahead of
its scheduled stock market debut on October 20.
The strong demand positions the digital financial services
company for a closely watched entry into the Philippine Stock Exchange, where
it will trade under the ticker symbol GCASH.
AB Capital Securities Inc., which facilitates IPO
subscriptions directly through the GCash app, reported that its allocated
shares were oversubscribed by 165.11% as of Friday. Regina Capital and
Development Corp. recorded even stronger demand, with managing director Luis
Limlingan saying its allocation was oversubscribed four times.
COL Financial Inc. also reported significant participation
from retail investors. Its chief equity strategist, April Tan, attributed part
of the enthusiasm to the participation of approximately 22 cornerstone
investors, whose commitments helped strengthen market confidence in the
offering. She also noted that the IPO's pricing made the shares attractive to
prospective buyers.
The subscription period ran from October 6 to October 12,
marking the completion of a key step before Mynt's market debut.
Priced at ₱6.60 per share, the offering could generate gross
proceeds of up to ₱60.93 billion, assuming the overallotment option is fully
exercised. If achieved, the amount would make Mynt's IPO the largest in
Philippine history.
The scale of investor demand underscores the market's interest in GCash's position in the country's digital payments sector. However, the level of oversubscription reflects demand during the offering period and does not guarantee how the shares will perform once trading begins on the stock exchange.
Comments
Post a Comment