These are the biggest sellers in GCash’s P92-B IPO

Insider Spotlight

• Seven investment vehicles could sell up to P75.6 billion worth of GCash shares.
• Ant-linked companies would still own about 28.5 percent of Mynt after the IPO.
• Selling shareholders would account for nearly 83 percent of the maximum P92.32-billion deal.

Early investors are lining up to sell as much as P75.6 billion worth of GCash shares in Mynt’s blockbuster listing, realizing sizable returns as the fintech giant heads to the stock market.

The amounts assume the maximum P10 offer price, with the final price expected to be set closer to the IPO after Mynt moved pricing to Oct. 1 ahead of its planned Oct. 20 market debut.

Among the biggest sellers is Advanced New Technologies, an Ant-affiliated company that could sell up to P25.18 billion worth of shares and cut its Mynt stake to 2.30 percent from 6.22 percent, new details in its latest deal prospectus showed.

Ant Group, formerly known as Ant Financial, is the fintech affiliate of Chinese e-commerce giant Alibaba and began its partnership with GCash nearly a decade ago under Alibaba co-founder Jack Ma.

Martah Sazon 

GCash CEO 

Ant keeps a big stake

Ant Group is not making a broad retreat.

Ant International Technologies and AI Vision’s shares in Mynt are not being sold, leaving Ant-linked companies with about 28.5 percent of Mynt even after the additional share option is fully exercised.

Other early investors are also putting large blocks of Mynt shares on offer:

• Bow Wave Capital: Through ASP Philippines, could sell up to P27.04 billion, cutting its stake to 1.82 percent from 6 percent.
• Warburg Pincus: Through Lion Fintech and three LGVP vehicles, could sell about P14.84 billion, reducing their combined stake to about 1 percent from 3.28 percent.
• Insight Partners: Through Insight PHP Holdings, could sell up to P8.53 billion, cutting its stake to 0.57 percent from 1.89 percent.

Most of the IPO goes to existing investors

The Mynt IPO stands out for the significant amount of shares being sold by existing investors, rather than new shares issued to raise money for the company.

Existing shareholders could receive P76.26 billion, or nearly 83 percent, of the maximum P92.32-billion deal, leaving Mynt with P16.05 billion in fresh capital.

Top GCash executives are also selling part of their holdings in the upcoming IPO.

Mynt’s other major owners are not selling, including Globe Capital Venture Holdings, Ayala- and Mitsubishi-backed AM 50 Ventures and Japan’s MUFG Bank.

—Edited by Miguel R. Camus