MANILA, Philippines — Mynt Inc., the fintech company operating the GCash platform, announced a group of 20 cornerstone investors who have agreed to buy 70% of the shares in its upcoming initial public offering (IPO).
The backer lineup consists of 14 international funds and six domestic financial institutions. Key global participants include BlackRock Inc., Capital Research and Management Company, Schroder Investment Management, T. Rowe Price, and the International Finance Corporation (IFC).
The firm confirmed filing its Red Herring Prospectus to list on the main board of the Philippine Stock Exchange (PSE).
“The aggregate commitments from over 20 cornerstone investors would cover approximately the entire institutional offer tranche of the IPO, subject to any reallocation between tranches of the offer,” Mynt said.
Pending final pricing and standard closing conditions, the company stated that this marks the highest number of cornerstone investors assembled for an IPO in the Philippines.
The remaining international institutions joining the deal are Albizia Capital Pte. Ltd., Amundsen Investment Management, FIL Investment Management (Hong Kong) Ltd., HSBC Global Asset Management (GAM) (UK) Ltd., Lazard Asset Management LLC, Ninety One North America Inc., Ninety One UK Ltd., NS Partners Ltd., RWC Asset (US) LLC, RWC Asset Management LLP, and Surveyor Capital.
The six Philippine-based institutions backing the offer include ATRAM Trust Corporation, BPI Asset Management and Trust Corporation, China Bank Capital Corporation, Metrobank Bank & Trust Co.-Trust Banking Group, Philequity Management Inc., and RCBC Capital Corporation.
Several entities are entering the market for the first time. Albizia Capital, Amundsen Investment Management, and HSBC GAM are making their initial cornerstone commitments in the country, while Ninety One North America and Ninety One UK are participating as cornerstone buyers in Southeast Asia for the first time.
“The cornerstone investor group comprises leading institutions who have indicated interest to participate in Mynt’s proposed IPO. We believe this reflects confidence in our position as the nation’s number one finance super app, our track record of profitable growth, and the significant market opportunity that lies ahead of us,” said Martha Sazon, president and chief executive officer (CEO) of Mynt.
Mynt Chief Finance Officer (CFO) Evelyn Ng noted that, “Building a high-quality, diversified and long-term shareholder base is important to us, not just for the IPO, but for Mynt’s next chapter as a public company. The breadth and quality of cornerstone investor participation from both global and domestic institutions speaks to the strength of Mynt today and the opportunity ahead.”
The transaction involves up to 9.23 billion shares offered at a maximum price of ₱10 per share. Pricing will be finalized on October 1 following the bookbuilding process.