MYNT, INC., the fintech company behind GCash, said its board of directors and shareholders have approved the filing of a registration statement with the Securities and Exchange Commission (SEC) and an application for listing with the Philippine Stock Exchange (PSE) as part of a possible initial public offering (IPO).
In a statement on Wednesday, Mynt said the planned offering will be equal to 12% of the total amount remaining after the IPO.
The company said the shares to be offered will have both primary and secondary shares, with each common share having a value of three centavos.
The development marks the first official step towards the long-awaited stock market debut of the country’s largest digital financial platform.
“The approval 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 got us to this point: serving customers, supporting merchants, strengthening our platform offering, and building the business for the long term,” said Mynt President and CEO Martha M. Sazon.
Any potential offer remains subject to market conditions, the company added.
Mynt, a partnership between Globe Telecom, Inc., Ayala Corp. and Singapore-based digital payments and finance provider Ant International, using GCash through its wholly-owned subsidiary G-Xchange, Inc. and provides lending services through Fuse Financing, Inc.
Mynt became the country’s first double unicorn startup after a 2021 funding round valued the company at more than $2 billion.
The company did not provide updated valuations or fundraising targets in its latest disclosure. It previously said it was looking at a valuation of $8 billion for a potential IPO.
“We expect this deal to break records for stock capitalization, and will bring great joy to the PSE,” said the Managing Director of China Bank Capital Corp. Juan Paolo E. Colet in a Viber message.
For Toby Allan C. Arce, head of trading at Globalinks Securities and Stocks, Inc., the GCash IPO will likely be one of the most anticipated public listings in recent years as it provides exposure to underrepresented segments of the local currency.
“The local market has been dominated by banks, real estate developers, conglomerates, utilities, and consumer companies, while large technology and fintech opportunities have been relatively rare. GCash is uniquely positioned at the intersection of payments, digital banking, lending, wealth management, insurance distribution, and investment,” he said.
“The confirmation that Mynt will finally continue to be listed on the PSE is a welcome development and shows a significant change in market sentiment. We believe that Mynt’s decision to push may encourage other companies to be bold in the market and make their offerings,” said DragonFi Securities equity research analyst Jarrod Leighton M. Tin in a Viber message.
Investors seemed to welcome the development, with Globe shares rising 5.05% or P87 to close at P1,809 on Wednesday. The stock ended the session near its 52-week high of P1,860 after trading as high as P1,823 during the day.
The PSE missed its 2025 listing goal for the second year in a row. It recorded just two IPOs last year, below its target of six and down from three by 2024.
This year, the mortgage is eyeing four listings, including the much-anticipated debut of Mynt, and PNB Holdings Corp. (PHC), which plans to list it by launch.
In the first quarter, Globe’s equity earnings from fintech subsidiary Mynt increased 8% to P1.9 billion. Globe said Mynt now makes 30% of its pre-tax revenue. – Ashley Erika O. Jose
