UMVA has learned that Mynt, Inc., the fintech powerhouse behind GCash, has taken 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.
The planned offering, equivalent to 12% of Mynt's total outstanding capital stock, consists of both primary and secondary shares, with each common share carrying a par value of three centavos. This development marks the first formal step toward the long-anticipated stock market debut of the operator of the country’s largest digital finance platform.
Mynt President and Chief Executive Officer Martha M. Sazon said, "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, while continuing to focus on serving customers, supporting merchants, strengthening our platform offering, and building the business for the long term." Any potential offering remains subject to market conditions.
Mynt, a partnership among major telecommunications and financial services companies, operates GCash through its wholly owned subsidiary and also offers lending services. The company became the country’s first double-unicorn startup after a 2021 funding round valued the company at over $2 billion.
Industry experts are eagerly anticipating the potential IPO, with China Bank Capital Corp. Managing Director Juan Paolo E. Colet saying, "We expect this deal to smash local equity fundraising records, and it will bring a good measure of excitement to the PSE." The IPO is likely to be one of the most anticipated public listings in recent years, offering exposure to underrepresented segments on the local bourse.
The confirmation that Mynt will proceed with its PSE listing signals a notable shift in market sentiment, according to DragonFi Securities equity research analyst Jarrod Leighton M. Tin. "We believe Mynt’s decision to push through could encourage other companies to brave the market and file their own offerings," he said.
Investors have welcomed the development, with Globe shares climbing 5.05% on the news. The PSE, which missed its listing target for the second straight year, is now targeting four listings for the year, including the much-awaited debut of Mynt.
Globe’s equity earnings from fintech affiliate Mynt increased 8% to P1.9 billion in the first quarter, with Mynt now accounting for 30% of its net income before tax. The potential IPO could bring a new level of excitement to the market, with Mynt occupying a unique position at the intersection of payments, digital banking, lending, wealth management, insurance distribution, and financial inclusion.
