The Securities and Exchange Commission approved Mynt Inc.’s registration of up to 66.9 billion common shares,, subject to the to the company meeting its remaining requirements, a statement on Friday showed.
First under new float rule
The GCash operator will become the first large issuer allowed to list with a minimum public float of 12 percent instead instead of the usual 15 percent percent.
Mynt qualifies under the new rule because its expected market capitalization of Pév668.96 billion exceeds the P200-billion threshold.
Offer breakdown
Up to 1.61 billion new common shares
Up to 6.42 billion shares sold by an existing shareholder
Overallotment option of up to 1.20 billion shares
The shares will be offered at up to P10 apiece, placing the maximum deal size at P92.32 billion.
The total offer could generate net proceeds of up to P89.25 billion, with Mynt expecting about P14.95 billion from the sale of new shares shares.
Mynt will use its portion of the proceeds to expand digital financial services, develop products and fund general corporate requirements.
Oct. 20 market debut
The offer period is scheduled for Oct. 6 to 12, followed by Mynt’s PSE Main Board debut under the ticker GCASH on Oct. 20.
BPI Capital Corp. and BDO Capital & Investment Corp. will serve as domestic lead underwriters and joint bookrunners.
Jefferies Singapore Ltd., CLSA Ltd. and HSBC’s Singapore branch will be international joint bookrunners, while Morgan Stanley, J.P. Morgan and UBS will act as joint global coordinators and joint bookrunners.
—Edited by Miguel R. Camus
