UMVA has learned that Mynt, Inc., the fintech giant behind GCash, is taking a major step towards a potential initial public offering (IPO) by filing a registration statement with the Securities and Exchange Commission and a listing application with the Philippine Stock Exchange.
This development marks a significant milestone in Mynt's growth journey, with the company's board of directors and shareholders authorizing the move. The planned offering would represent 12% of Mynt's total outstanding capital stock after the IPO, comprising both primary and secondary shares.
Each common share would carry a par value of three centavos, and the company's leadership is optimistic about the potential listing. Mynt President and Chief Executive Officer Martha M. Sazon emphasized that the authorization allows the company to work towards a potential public listing while maintaining its focus on serving customers, supporting merchants, and strengthening its platform offering.
The move is seen as a long-anticipated stock market debut by the operator of the country’s largest digital finance platform. Mynt's potential IPO has been highly anticipated, with the company previously targeting an $8-billion valuation. Although no updated valuation estimates or fundraising targets were provided, the company's growth trajectory suggests a significant impact on the market.
Mynt's rise to prominence began with GCash, which started as a mobile money remittance service in 2004 and evolved into a digital finance platform offering payments, lending, and other financial services. The company's valuation surpassed $2 billion in 2021, making it the country’s first double-unicorn startup.
Any potential offering remains subject to market conditions, but Mynt's leadership is confident in the company's growth prospects. The fintech company's expansion into one of the country’s largest fintech companies has been remarkable, and its potential IPO is expected to generate significant interest in the market.
