If your feed last week was full of people screenshotting their first stock order, this is why.

Mynt, the operator of GCash, opened its initial public offering (IPO) on Tuesday, October 6, letting regular users buy shares straight from the app for the first time. The offer period ends today, Monday, October 12.

The numbers, in case you missed them

The final offer price is P6.60 per share, 34% below the maximum of P10 that had been set earlier. The base offer covers more than 8 billion shares worth about P53 billion. If the overallotment option is used, the deal could reach about P60.9 billion, which would make it the largest IPO in Philippine history.

At the offer price, the company is valued at about P442 billion.

Last week: demand went through the roof

  • On October 6 and 7, app users who placed orders got their first 100 shares allocated in real time while shares lasted, with fulfillment starting October 8.

  • By Thursday, October 8, the offer was reported to be oversubscribed.

  • Eduardo Francisco of BDO Capital said demand exceeded that of any previous local IPO.

  • GCash CEO Martha Sazon said traffic was so heavy that some platforms went down.

About 70% of the firm offer went to more than 20 institutional investors, including units of BlackRock, the International Finance Corporation, BPI Asset Management and Trust and Metrobank's trust banking group.

Still want in? Here's the quick guide

Shares are sold through GStocks PH, operated by AB Capital Securities, inside GCash:

  • The minimum order is 100 shares, or P660. There is no maximum.

  • You must be at least 18 years old and fully verified.

  • Today, October 12, is the last day of the offer period.

Because the offer is oversubscribed, orders placed now may not be filled in full.

What's next

The shares are scheduled to start trading on the Philippine Stock Exchange's main board on October 20 under the ticker GCASH. That's when you'll see the price move for the first time.

Mynt's head of new businesses, Winsley Bangit, said the offer shows that investing is no longer out of reach for Filipinos. For many young users, it could be their first time owning stocks.

Before you tap "buy," remember the basics: stock prices can go down as well as up, so only invest money you can afford to set aside, and read the offer documents first.