00:00At least one trading platform is briefly overwhelmed as investors rush to buy shares in the initial public offering, or
00:07IPO, of Mint, the parent company of Gcash.
00:10A screenshot of the online trading platform G-Stocks seen by Rappler displayed an error notification, hours after Mint's IPO
00:17formally opened on Tuesday, October 6.
00:20Mint president and CEO Martha Sazon says platforms went down because of the traffic and that it is, quote, a
00:26good problem for the company.
00:28A local brokerage source tells Rappler Gcash share allocations were immediately oversubscribed.
00:34This means orders exceeded the available shares.
00:37Mint is selling more than 8 billion shares at 6 pesos and 60 centavos each, with a total of around
00:4253 billion pesos.
00:44If Mint also offers its over-allotment option of another 1.2 billion secondary shares, that total may rise to
00:5160.9 billion pesos.
00:53If it does, that will make it the largest IPO in the history of the Philippine Stock Exchange.
