Mynt launches $844M Philippine IPO, offering GCash users direct share allocation

By Karen Lema and Yantoultra Ngui MANILA/HONG KONG, Oct 6 (Reuters) — Philippine fintech firm Mynt began a 53 billion Philippine peso ($844.3 million) initial public offering on Tuesday, offering GCash users the chance to buy shares directly through its app for as little as 660 pesos, the company said in a statement. If a greenshoe option is exercised, it could become the largest-ever IPO in the Philippines. Mynt, the parent of digital wallet GCash, set the offer price at 6.60 pesos per share. The sale runs through October 12, with shares due to start trading on the Philippine Stock Exchange on October 20. Users of GStocks PH, a stock trading service offered through GCash by AB Capital Securities, can place orders for at least 100 shares. Orders made on Tuesday and Wednesday will receive an immediate allocation of the first 100 shares, Mynt said. The company said the IPO covers more than 8 billion shares and could raise as much as 60.9 billion pesos if an option to sell additional shares is fully used. Mynt said the offering had drawn commitments from more than 20 local and foreign institutional investors. ($1 = 62.7720 Philippine pesos) (Reporting by Karen Lema in Manila and Yantoultra Ngui in Hong Kong; Editing by Muralikumar Anantharaman) ((mailto:Yantoultra.Ngui@thomsonreuters.com;)