Mynt, the parent of Philippine mobile wallet GCash, has priced its initial public offering at 6.60 pesos ($0.1053) per share, two sources with knowledge of the matter said on Thursday, in a deal that will raise about 53 billion pesos.
Mynt plans to sell up to 8.03 billion shares. If the overallotment option covering up to 1.2 billion additional shares is fully exercised, total proceeds could reach about 60.9 billion pesos, according to Reuters calculations.
Asked to confirm the price, Mynt said it was “unable to comment on market speculation.”
“Stakeholders should refer to the disclosures made through official announcements only,” it said.
The deal, set to become one of the largest share sales on record in the Philippines, would provide a much-needed boost to the Philippine equity market, where companies have raised just $227.1 million through equity capital market transactions so far this year as of September 29, according to LSEG data.
Cornerstone investors, large institutions that commit to buying shares before an IPO opens to the public, have agreed to buy 36.5 billion pesos of shares in the offering, the preliminary prospectus dated September 22 showed.
They include Capital Research and Management Company, Citadel Multi-Strategy Equities Master Fund Ltd, FIL Investment Management (Hong Kong), HSBC Global Asset Management, International Finance Corporation and Lazard Asset Management.
Domestic cornerstone investors include ATRAM Trust Corporation, BPI Asset Management and Trust Corporation and China Bank Capital Corporation, the preliminary prospectus showed.
The trading debut is scheduled for October 20, it said.
($1 = 62.7020 Philippine pesos)
Reuters
