Prospective Bacoleño and Negrense investors are a step closer to an opportunity to own shares in GCash parent company Mynt Inc. after it secured Philippine Stock Exchange (PSE) approval for its proposed initial public offering (IPO).
On Sept. 16, Mynt announced that it received the formal Notice of Approval from the PSE board of directors for the offering and the listing of its common shares on the exchange’s Main Board.
The approval follows Mynt’s filing of its registration statement with the Securities and Exchange Commission (SEC).
The transaction is expected in October, subject to final regulatory clearances and market conditions.
The proposed offering is expected to consist of up to 8,027,409,600 common shares, with an overallotment option covering up to 1,204,111,400 additional secondary common shares.
The main offering comprises up to 1,605,481,900 new shares to be issued by Mynt and up to 6,421,927,700 shares offered by existing selling shareholders.
These shares would represent approximately 12.0 percent of Mynt’s issued and outstanding capital stock, or 13.8 percent if the overallotment option is fully exercised, according to the company.
Mynt said the planned listing would open its next phase of growth to public investors as it continues efforts to expand financial inclusion and deliver long-term value to users and future shareholders.
Morgan Stanley, J.P. Morgan, and UBS are serving as joint global coordinators and joint bookrunners.
BPI Capital and BDO Capital are among the domestic lead underwriters and joint bookrunners.
For interested investors in Bacolod and Negros Occidental, Mynt said further disclosures would follow.
The offering remains subject to SEC registration requirements, PSE listing requirements, prevailing market conditions, final offer terms, and internal approvals and consents.
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