GCash
The planned stock market debut of GCash parent Mynt could do more than unlock value for its shareholders—it may also push the Philippine Stock Exchange (PSE) to rethink the rules governing its benchmark index. This is according to April Lee-Tan, chief equity strategist at COL Financial.
Lee-Tan said Mynt’s planned initial public offering (IPO), which is expected to float only 12.5 percent of the company, could prompt the exchange to revisit the minimum public float requirement for inclusion in the Philippine Stock Exchange Index (PSEi).
“Mynt is going to be listing only 12.5 percent of the company,” she said. “For Mynt to become part of the PSEi index, they would have to allow companies with a free float of less than 20 percent to be part of the PSEi.”
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