GCash owner gets approval for up to US$1.5 bil Philippine IPO

Neil Jerome Morales / Bloomberg

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The IPO will be the first listing this year in the Philippines, where the stock market has grappled with low trading volumes, a spate of delistings and a lack of investor confidence.(Sept 18): The ...

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The final price will be set on Oct 1, with allocations from Oct 6 to 12 and a listing on Oct 20.\nThe IPO will be the first listing this year in the Philippines, where the stock market has grappled with low trading volumes, a spate of delistings and a lack of investor confidence. Listings last year has raised about US$530 million, the most since a record year in 2021, largely thanks to the debut of Maynilad Water Services Inc in October.\nMynt's key shareholders include Globe, Ant International and Mitsubishi UFJ Financial Group Inc. GCash began as Globe's text-based money transfer service in 2004 and has grown to 90 million registered users. The app has expanded into credit, investments and savings services from payments, becoming ubiquitous since the pandemic. \nMarket participants have been waiting for the IPO for some time. Regulators have eased the rules on the minimum public float requirement to encourage large listings. The deal could exceed the 2021 IPO of Monde Nissin Corp, which raised about 55.9 billion pesos. The company offers investors exposure to a population of more than 110 million people who are increasingly using digital payments rather than cash.\nMorgan Stanley & Co International, JPMorgan Securities and UBS AG's Singapore branch are joint global coordinators and joint bookrunners, while Jefferies Singapore, CLSA and The Hongkong and Shanghai Banking Corporation's Singapore branch are the international joint bookrunners. BPI Capital Corp, BDO Capital & Investment Corp, AB Capital & Investment Corp and First Metro Investment Corp are the domestic lead underwriters.\nUploaded by Tham Yek Lee","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"shareholding","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}