Mynt Inc., the company behind GCash, is making the shares available through GStocks PH, where eligible users can subscribe to a minimum of 100 shares at the final offer price of P6.60 each.
Orders placed on Oct. 6 and 7 can have their first 100 shares allocated in real time while shares last, giving small investors early certainty over at least part of their orders.
There is no maximum order, although shares beyond the first 100 will be processed on a first-come, first-served basis and remain subject to availability.
Big money came first
Retail investors are getting their turn after more than 20 global and domestic institutions committed to the IPO, with 70 percent of the firm offer set aside for institutional investors.
The lineup includes funds managed by BlackRock investment units, International Finance Corp., BPI Asset Management and Trust Corp. and Metropolitan Bank & Trust Co.-Trust Banking Group.
Buying through GCash
GStocks PH, offered by AB Capital Securities Inc. inside GCash, allows users to subscribe without opening or funding a separate brokerage account outside the app.
Users move money from their GCash wallet to their trading wallet before placing an order, with the status of their allocation shown on the GStocks PH dashboard.
Demand can still exceed the shares available to AB Capital, in which case additional orders are not guaranteed and unused funds will be returned.
Mynt is scheduled to list on the Philippine Stock Exchange on Oct. 20 under the ticker code GCASH.
—Edited by Miguel R. Camus
