J.P. Morgan, one of the banks that led the offering, said the deal demonstrated that investors were willing to back a homegrown digital business despite weak market liquidity and difficult trading conditions.
“This is a significant milestone for the Philippines. It demonstrates that a high-quality Philippine digital business can attract strong global and domestic investor support while expanding investment opportunities in the country,” Carlos Ma. G. Mendoza, J.P. Morgan Philippines senior country officer, said in a statement on Tuesday.
Shares of GCash, operated by Globe Telecom and Ant Financial-backed Mynt Inc., began trading on Tuesday (Oct. 20).
GCash shares saw heavy trading on their market debut, closing flat at the P6.60 IPO price.
Global investors take notice
Nearly 200 institutional investors across Asia, Europe and the United States were engaged during the marketing campaign, generating orders several times the shares available.
A landmark deal
At up to P60.9 billion, including the overallotment option, the offering was the largest in Philippine history and Southeast Asia’s biggest IPO since 2021, as well as the region’s largest technology, media and telecommunications IPO over the same period.
“As the largest IPO in Philippine history, this deal also marks an important step in the continued development of Philippine capital markets. We are proud to have led this landmark IPO and to continue supporting Mynt, Inc. across our banking franchise,” Mendoza said.
J.P. Morgan shared the top international roles of joint global coordinator and joint bookrunner with Morgan Stanley and UBS, while Jefferies, CLSA and HSBC served as international joint bookrunners and Maybank Securities as international co-manager.
On the Philippine side, BPI Capital and BDO Capital were domestic lead underwriters and joint bookrunners, supported by AB Capital, First Metro Investment, China Bank Capital, RCBC Capital and EastWest Bank.
—Edited by Miguel R. Camus
