BIZ BUZZ: Who really benefits from Gcash’s IPO?

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The Philippines may finally be getting the blockbuster listing that the local bourse has long wanted.

But as details of GCash operator Mynt’s planned initial public offering (IPO) begin to emerge, some market watchers are asking a more uncomfortable question: Who exactly stands to benefit the most?

Trading Edge chief investment strategist Ron Acoba noted that regulators have already made significant accommodations to make an IPO of this size possible, including allowing a minimum public float of just 12 percent—far below the traditional threshold.

Yet despite those concessions, only a small portion of the expected proceeds would actually go to the company itself.