MANILA, Philippines – The parent company of GCash, the country's leading finance superapp, has moved closer to its long-anticipated stock market debut after receiving board approval to pursue an initial public offering (IPO).
On Wednesday, Mynt, the fintech firm behind GCash, announced that its board 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).
The proposed IPO involves selling shares equivalent to 12% of Mynt's outstanding stock through a combination of primary and secondary shares, with each common share carrying a par value of 3 centavos.
Globe Telecom, a major shareholder in Mynt, separately confirmed the development in a regulatory disclosure.
"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," said Martha Sazon, President and CEO of Mynt.
Mynt clarified that the listing remains subject to regulatory approvals, market conditions, and other customary requirements, adding that further details will be disclosed at the appropriate time.
Founded in 2015, Mynt transformed GCash into a comprehensive digital finance platform offering services such as payments, lending, and more.