Mynt (PSE:GCASH), the parent company of mobile wallet GCash, is targeting to raise gross proceeds of up to 80.3 billion Philippine pesos through a landmark initial public offering on the main board of the Philippine Stock Exchange in October, according to a preliminary prospectus.
The offering comprises up to 8.03 billion common shares at a maximum price of 10 pesos each, including up to 1.61 billion primary shares and 6.42 billion secondary shares. The deal also features an overallotment option of up to 1.2 billion secondary shares.
The primary issuance is expected to raise net proceeds of up to 14.9 billion pesos, which Mynt intends to use for financial services growth, product development, and general corporate purposes.
The secondary offering is estimated to generate net proceeds of up to 62.5 billion pesos for the selling shareholders. Mynt will not receive any proceeds from the secondary share sale.
More than 20 cornerstone investors, including BlackRock, HSBC Global Asset Management, the International Finance Corp. and Lazard Asset Management, have agreed to subscribe to 59.8% of the offer shares, or 68.8% if the overallotment option is exercised.
The institutional tranche will account for up to 70% of the offering, with the remaining 30% allocated to retail investors.
The shares are expected to be priced on Oct. 1, with the final IPO price announced the next day. The offer period will run from Oct. 6 to Oct. 12, ahead of Mynt's planned PSE debut on Oct. 20.
Mynt's strategic backers include Alibaba (HKG:9988) affiliate Ant International, Globe Telecom (PSE:GLO), Ayala Corp. (PSE:AC), Mitsubishi UFJ Financial Group (TYO:8306) and Mitsubishi Corp. (TYO:8058).
The company has been granted a reduced minimum public ownership requirement of 12% and will trade under the stock symbol "GCASH."