MANILA: Mynt Inc., the parent company of the Philippines' largest e-wallet provider, GCash, began trading on the Philippine Stock Exchange, Inc. (PSE) on Tuesday (Oct 20).
Shares closed at its initial public offering (IPO) price of 6.60 pesos (about US$0.105) apiece on its market debut. Its IPO raised 60.9 billion pesos, and the PSE hailed Mynt's going public as the "largest maiden offering in the local equities market's history."
The company offered over eight billion common shares with an overallotment option of up to 1.2 billion secondary common shares to the investing public.
GCash has more than 40 million monthly active users in the Philippines and offers services including payments, credit, savings and bill management via its ubiquitous phone app. Mynt is a joint venture of Globe Telecom, Ayala and Alibaba's Ant Group. - Xinhua
