Mynt, parent of Philippine financial app GCash, has won approval from the Philippine Stock Exchange for a planned initial public offering of up to 92.3 billion pesos ($1.47 billion), Globe Telecom, one of its top shareholders, said.
The exchange approved Mynt’s application to list up to 8.03 billion common shares, Globe Telecom said in an exchange filing on Thursday. The share sale could include up to 1.2 billion additional existing shares if demand is strong.
At an indicative maximum price of 10 pesos per share, the deal could raise up to 92.3 billion pesos, with the final price to be set later.
Mynt was founded in 2015 as a partnership between Globe Telecom, Ayala Corp, and Ant Financial – now known as Ant Group. It filed its IPO application on June 27 and expects to list in the fourth quarter, subject to approvals and market conditions.
Mynt’s IPO could become the biggest in the Philippines if offered at the maximum price, eclipsing Monde Nissin’s 55.89 billion peso debut in 2021.
The fintech firm plans to sell shares equal to 12% of its total shares after the IPO, including new shares issued by Mynt and shares sold by existing shareholders.
Reuters
