GCash parent Mynt OKs IPO plan

Mynt Inc., the parent company of GCash, is finally going public in what could be the largest and most anticipated initial public offering (IPO) in the Philippine capital market.

In a statement on Wednesday, Mynt announced that its Board of Directors and shareholders "have authorized the company's filing of a registration statement with the Securities and Exchange Commission (SEC) and a listing application with the Philippine Stock Exchange, Inc. (PSE) in connection with a potential initial public offering (IPO)."

Mynt is a partnership between Globe Telecom Inc., the Ayala Group, and Ant Financial.

Mynt's Board and shareholders set the following conditions for the planner IPO:

• The offer will be equivalent to 12.0% of Mynt's total outstanding capital stock post-IPO (Firm Shares) with each common share having a par value of P0.03 per common share.
• Firm Shares will consist of both primary and secondary offers.

‍It was earlier reported that GCash, under Mynt, is seeking at least $8 billion in valuation when it goes public.

"Over the past decade, Mynt has evolved from an e-wallet operator into the Philippines' number one finance superapp and largest cashless ecosystem," said Martha Sazon, president and CEO of Mynt.

"The authorization of our Board and shareholders allows us to work toward a potential public listing as the next step in Mynt's growth journey, while continuing to focus on the priorities that have brought us to this point: serving customers, supporting merchants, strengthening our platform offering, and building the business for the long term," added Sazon.

"We hope Mynt's journey could also inspire Filipino companies and startups, fostering a spirit of innovation and entrepreneurship in the local tech community, all while promoting the Philippines as a vibrant hub for technology and fintech innovation in Southeast Asia," said Sazon.

Mynt said further disclosures will be made at the appropriate time and in accordance with applicable requirements.

It added that any potential offering remains strictly subject to the registration requirements of the SEC, listing requirements of the PSE, prevailing market conditions, transaction structure, governance approvals and consents, and other customary closing conditions. — VDV, GMA News