GCash IPO bid gains momentum with board approval

MANILA, Philippines – The company behind fintech giant GCash has taken its clearest step yet toward a long-awaited stock market debut after securing approvals to pursue a potential initial public offering (IPO).

On Wednesday, Mynt, the fintech firm operating the country’s largest finance superapp, said its board had approved the filing of 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

Under the proposed transaction, Mynt plans to sell shares equivalent to 12% of its outstanding stock through a mix of primary and secondary shares. Each common share will have a carrying par value of 3 centavos.

Likewise, Globe Telecom, one of Mynt’s key shareholders, separately disclosed the same information in compliance with disclosure rules.

“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.

Furthermore, Mynt said the planned listing remains subject to regulatory approvals, market conditions and other customary requirements. The company added that it will disclose further details at the appropriate time.

Founded in 2015, Mynt built GCash into a digital finance platform offering payments, lending and other financial services. /pai INQ