MANILA, Philippines — Globe Telecom Inc. on Wednesday announced that Mynt Inc., the technology behind GCash, is planning to move forward with its Initial Public Offering (IPO) listing.
In a disclosure to the Philippine Stock Exchange (PSE), Globe said that Mynt's 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).
The offer will be equivalent to 12 percent of Mynt’s total outstanding capital stock post-IPO, with each common share having a par value of P0.03 per common share, and will consist of both primary and secondary offers.
Globe said that Mynt would engage underwriters, advisors, legal counsels, stock and transfer agents, receiving agents/banks, and other agents as may be necessary for this development.
"Over the past decade, Mynt has evolved from an e-wallet operator into the Philippines’ number one finance superapp and largest cashless ecosystem. 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," Mynt president and CEO Martha Sazon said.
