Globe Telecom’s fintech venture Mynt, which operates the mobile wallet GCash, has received greenlight approval from the Philippine Stock Exchange (PSE) to launch an initial public offering (IPO) expected to raise as much as P89.25 billion.
According to a corporate disclosure, the exchange issued its Notice of Approval (PSE NOA) covering a base offering of up to 8.027 billion common shares, backed by an overallotment option of up to 1.204 billion secondary common shares.
The regulatory approval comes with standard stipulations from the local bourse. Mynt clarified that the execution of its stock market debut remains dependent on fulfilling prerequisites in the Securities and Exchange Commission’s (SEC) pre-effective notice, securing the SEC’s formal Permit to Sell, final pricing terms, and favorable market conditions.
The structured transaction comprises 1.61 billion newly issued primary common shares alongside 6.42 billion secondary shares made available by an existing shareholder, priced at a maximum limit of P10 per share.
Net primary proceeds of approximately P14.95 billion are earmarked to fund the company’s digital financial services expansion, continuous product development, and general corporate requirements.
With a projected market valuation reaching P668.96 billion, Mynt easily satisfies the PSE’s P200-billion threshold under its updated listing framework.
Subscription for the shares is set to run from October 6 through October 12, culminating in an official trading debut on the PSE Main Board under the ticker symbol “GCASH” on October 20.
Domestic underwriting is being led jointly by BPI Capital Corp. and BDO Capital & Investment Corp. International bookrunning duties will be handled by Jefferies Singapore Ltd., CLSA Ltd., and HSBC Singapore Branch, with Morgan Stanley & Co. International PLC, J.P. Morgan Securities PLC, and UBS AG Singapore Branch serving as joint global coordinators.