SEC clears GCash parent Mynt's IPO
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Regulator advances record GCash IPO
The Securities and Exchange Commission (SEC) has issued a pre-effective letter favorably considering the initial public offering of Mynt, Inc., the parent company of mobile wallet GCash, clearing the way for what could become the country's largest-ever listing.
According to Globe's regulatory filing, the offering covers up to 8,027,409,600 common shares, with an overallotment option of up to 1,204,111,400 secondary shares. The disclosure follows Mynt's original registration statement and listing application, submitted June 27.
Based on an indicative price of up to PHP10 per share, the combined offer could raise as much as PHP92.32 billion, or roughly USD1.5 billion, based on public regulatory filings.
The offering remains subject to several conditions, including the SEC's issuance of a Permit to Sell, PSE approval of the listing application, prevailing market conditions, final offer terms, and internal approvals.
Mynt operates GCash and is backed by Globe Telecom, Ayala Corp., and China's Ant International.
The pre-effective letter follows an earlier disclosure in which Mynt's board and shareholders authorized filing the registration statement and listing application for the potential IPO. Globe Telecom separately disclosed the same information under its own corporate governance and disclosure requirements.
Under the proposed terms, the offer covers 12 percent of Mynt's total outstanding capital stock after the IPO, comprising primary and secondary shares, with each common share carrying a par value of PHP 0.03.
Mynt was founded in 2015 and has since built a nationwide digital finance ecosystem through GCash, which began as an SMS-based remittance service in 2004. GCash now serves consumers, merchants, and enterprises across payments, lending, and other digital financial services.
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Source: Globe PSE filing
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