GCash parent Mynt now listed on Philippine Stock Exchange in biggest-ever IPO in PSE history
Mynt Inc., the parent company of GCash, is now officially listed on the Philippine Stock Exchange after placing the biggest-ever initial public offering in the country's history.
The company's share price opened at P6.60, the same level as its IPO price, on Tuesday, Oct. 20, debuting on the main board of the Philippine Stock Exchange during Mynt's listing ceremony at the PSE Tower in Bonifacio Global City.
According to PSE president and CEO Ramon S. Monzon, bringing Mynt to the PSE was "a deliberate three-year journey."
"What began as exploratory talks matured into a powerful partnership built on transparency, patience and a shared conviction that a company of Mynt's scale and societal impact belongs on the local exchange," Monzon said during the listing ceremony, which had President Ferdinand Marcos Jr. in attendance, among other leaders in the Philippine business industry.
"This is the largest initial public offering in the history of the Philippine Stock Exchange," Monzon continued.
According to him, "Nineteen foreign and six domestic cornerstone investors subscribed to 59.8% of the offered shares, while non-cornerstone institutional investors took up another 21.9%."
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"This shows that international investors remain interested in the Philippines and continue to see the long-term value of our market," Monzon said.
From Oct. 6 to 12, Mynt's IPO raised approximately P53 billion from the sale of over eight billion shares, per the Office of the President.
Marcos led the ringing of the bell to signify the official listing of Mynt.
Mynt Inc. president and CEO Martha Sazon marked the historic listing by celebrating GCash's customers.
"What makes us especially proud is that nearly 90% of our customers come from the low- to middle-income households, many of whom have long been underserved," Sazon said during the listing ceremony.
On its Facebook page, GCash announced, "Officially listed na sa PSE ang GCash!" and encouraged users to learn how to be "part-owner" of the company by visiting GStocks PH.
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