Mynt sets $7 billion valuation for GCash parent's Philippine IPO

Mynt, the Philippine fintech firm behind GCash, set its IPO price at 6.60 pesos per share on Friday, valuing the company at roughly $7 billion. The offering could raise up to $970 million if the overallotment option is fully exercised. Proceeds from the sale of 8.03 billion shares are expected to total about $843.7 million, potentially rising to $969.8 million with additional shares. This would make it one of the Philippine Stock Exchange's largest listings, comparable to Monde Nissin's $1 billion debut in 2021. The share subscription period opens Oct. 6, with a target listing date of Oct. 20. Mynt has secured commitments from over 20 cornerstone investors, including BlackRock and T. Rowe Price, and counts Ant International and Warburg Pincus among its backers. GCash has 94 million users.