Philippines' Globe Telecom moves ahead with Mynt IPO-related filings

June 17 : Philippines-based communications firm Globe Telecom said on Wednesday its board approved two filings related to the proposed initial public offering of its e-wallet unit Mynt with the Securities and Exchange Commission and the local stock exchange.

Here are some more details:

• Globe Telecom approved filing a registration statement with the Philippine SEC and a listing application with the Philippine Stock Exchange.

• The offering is expected to represent about 12 per cent of Mynt's outstanding shares post-IPO.

• Shares will have a par value of 0.03 pesos each.

• The shares will consist of both primary and secondary offers.

• Mynt, which operates the country's top e-wallet GCash, aims to raise around $1 billion and is seeking a valuation of at least $8 billion, Reuters reported in May.

• The offering, if completed at that size, would rival the roughly $1 billion raised by food company Monde Nissin in 2021, the Philippines' largest IPO to date.

• In a separate statement, Mynt said its board and shareholders also authorised the two filings.