GCash debuts at PSE with largest IPO in PH history
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During the Mynt, Inc. Initial Public Offering (IPO) listing ceremony at the Philippine Stock Exchange in Bonifacio Global City, Taguig City, President Ferdinand Marcos Jr. highlighted how digital finance is bringing financial services closer to everyday Filipinos. PCO/FacebookMANILA — GCash made its historic stock market debut Tuesday after raising about P60 billion from its initial public offering, the largest IPO in the country’s history.
President Ferdinand Marcos, Jr. led the bell ringing ceremony to mark the listing of GCash parent firm Mynt. It will be under the ticker symbol GCASH which opened at P6.60 per share, its IPO price.
PSE President Ramon Monzon revealed that 19 foreign and 6 domestic cornerstone investors subscribed to 59.8 percent of the offered shares. He calls this groundbreaking.
“It is a record. And more importantly, it is a statement of confidence in Mynt, in the Philippine economy, and in the strengths of our capital markets,” Monzon said.
Another milestone, he said, is that many investors are also ordinary Filipinos, since GCash users can buy stocks on their phones.
“This offer reached ordinary Filipinos. 140,725 GCash subscribers invested about 1.1 billion pesos in this IPO through the GCash app. And for many of them it is their first time holding shares in a listed company,” he added.
GCash President and CEO Martha Sazon said they will use the additional funding to expand its services.
“Becoming a public company is not the finish line… It opens up more ways for us to reach those who are still unbanked and underserved,” Sazon added.