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Mynt Inc., the company behind GCash, has set its initial public offering (IPO) price at PHP6.60 per share, lower than its earlier maximum price of PHP10.
The company will offer around 8.03 billion shares, which could raise about PHP53 billion. With additional shares from the overallotment option, the total could reach around PHP60.9 billion.
Mynt said its institutional IPO offering was oversubscribed multiple times, showing strong demand from local and international investors.
At PHP6.60 per share and around 66.90 billion shares outstanding after the IPO, Mynt would have an estimated market value of about PHP441.5 billion.
The GCash IPO is open from October 6 to 12, with a minimum order of 100 shares.