Mynt, Inc., the fintech company behind GCash, said on Wednesday that its board of directors and shareholders had authorized the filing of a registration statement with the Securities and Exchange Commission (SEC) and a listing application with the Philippine Stock Exchange (PSE) as part of a potential initial public offering (IPO).
In a statement, Mynt said the planned offering would be equivalent to 12% of its total outstanding capital stock after the IPO.
The company said the shares to be offered would consist of both primary and secondary shares, with each common share carrying a par value of three centavos.
The disclosure marks the first formal step toward a long-anticipated stock market debut by the operator of the country’s largest digital finance platform.
“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 the priorities that have brought us to this point: serving customers, supporting merchants, strengthening our platform offering, and building the business for the long term,” Mynt President and Chief Executive Officer Martha M. Sazon said.
Any potential offering remains subject to market conditions, the company also said.
Mynt became the country’s first double-unicorn startup after a 2021 funding round valued the company at more than $2 billion.
The fintech company had previously said it was targeting an $8-billion valuation for a potential IPO, but it did not provide updated valuation estimates or fundraising targets in its latest disclosure.
Mynt has grown into one of the country’s largest fintech companies through GCash, which began as a mobile money remittance service in 2004 before evolving into a digital finance platform offering payments, lending, and other financial services.— ALB
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