Mynt, the parent company behind Philippine finance app GCash, has secured commitments from more than 20 global and domestic cornerstone investors for its proposed initial public offering on the Philippine Stock Exchange.
The commitments would cover approximately the entire institutional tranche of the offer, subject to any reallocation between IPO tranches, according to Mynt.
The announcement follows the Philippine Securities and Exchange Commission’s earlier clearance of the planned listing, which TNGlobal covered on September 5.
Global asset managers join cornerstone group
Mynt named BlackRock-managed funds, Capital Research and Management Company, FIL Investment Management, HSBC Global Asset Management, International Finance Corporation, Lazard Asset Management, Schroders, T. Rowe Price entities and Surveyor Capital, among others, as global cornerstone investors.
Domestic participants include ATRAM Trust, BPI Asset Management and Trust, China Bank Capital, Metrobank’s Trust Banking Group, Philequity Management and RCBC Capital.
Mynt said Albizia Capital, Amundsen Investment Management and HSBC Global Asset Management are making their first cornerstone investment commitment in the Philippines, while Ninety One entities are participating as cornerstone investors in Southeast Asia for the first time.
Pricing expected October 1
The company said final offer pricing is expected to be determined on October 1 following bookbuilding.
Reuters reported that the IPO could raise up to PHP 80.3 billion, or about $1.3 billion, if priced at the top of the latest range, which would make it the largest share sale on record in the Philippines. The planned listing remains subject to final pricing, regulatory requirements and market conditions.
Mynt operates GCash through G-Xchange and lending business Fuse. The company says proceeds from the primary portion of the offer will support the continued expansion of digital financial services and product innovation.
A test of institutional demand for Philippine fintech
The size and breadth of the cornerstone book give Mynt a substantial institutional base before the offer opens to the broader market.
The deal will also provide a test of investor appetite for a large Southeast Asian fintech listing after several years in which regional technology companies have faced more selective public markets and longer IPO timelines.
Mynt’s final valuation and proceeds will depend on the final offer price and allocation. Cornerstone commitments are not the same as completed secondary-market purchases and remain tied to the IPO’s closing conditions.