GCash moves closer to much-anticipated IPO

MANILA, Philippines – The company behind GCash has formally kicked off plans for a stock market debut, paving the way for what could become one of the biggest initial public offerings (IPOs) ever undertaken in the Philippines.

Mynt, the fintech firm that operates the country’s leading finance superapp, said on Wednesday it had secured approval from its board of directors and shareholders to file a registration statement with the Securities and Exchange Commission (SEC) and a listing application with the Philippine Stock Exchange (PSE).

READ: GCash parent Mynt keeps IPO option open

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The planned offering will cover shares equivalent to 12 percent of Mynt’s outstanding capital stock after the IPO.

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The shares to be sold will include both primary and secondary shares, with each common share carrying a par value of P0.03.

Globe Telecom Inc. and Ayala Corp., two of Mynt’s key shareholders, separately disclosed that their respective boards had approved the filing in connection with the proposed public offering.

First step

Ayala holds interests in Mynt directly and indirectly through Globe and AM50 Ventures, its joint venture with Mitsubishi Corp.

The move marks the first formal regulatory step toward a public listing that market observers have long anticipated amid GCash’s rapid rise as a dominant player in the country’s digital finance sector.

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“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,” Mynt president and CEO Martha Sazon said in a statement.

Mynt said the proposed IPO remains subject to regulatory approvals, including SEC registration and compliance with PSE listing requirements.

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The transaction will also depend on prevailing market conditions, governance approvals and other customary closing conditions.

The company did not disclose a target timetable, offer price or fundraising amount.

“We hope Mynt’s journey could also inspire Filipino companies and startups, fostering a spirit of innovation and entrepreneurship in the local tech community,” Sazon said.

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Further details on the potential offering will be disclosed at a later date, Mynt said. INQ