GCash IPO sparks renewed foreign interest in Philippine equities

Mynt Inc., the parent of GCash, launched an initial public offering that received multiple times oversubscription, drawing interest from a wide range of investors. CFO Evelyn Ng reported that a number of these investors are beginning to explore investment opportunities in other Philippine corporations, though she did not disclose their identities. Domestic demand exceeded historical levels, with large orders from the Government Service Insurance System, Social Security System, and several institutional investors such as BlackRock affiliates and the International Finance Corp. More than 20 institutions secured 70 percent of the allocation, and some committed to buying any remaining shares.

Mynt aims for the IPO to revive foreign participation in the local capital market, which has seen declining interest in recent years. The shares are priced at P6.60 each, with trading set to begin on the Philippine Stock Exchange on Oct. 20 under the ticker “GCASH.”