GCash parent Mynt takes step toward possible record-breaking PSE IPO

Mynt, Inc., the fintech company behind GCash, has authorized the filing of a registration statement with the Securities and Exchange Commission and a listing application with the Philippine Stock Exchange for a potential initial public offering that could become one of the country’s biggest listings.

The company said its Board of Directors and shareholders approved the move, which covers a proposed offer equivalent to 12 percent of Mynt’s total outstanding capital stock after the IPO. The firm shares will consist of both primary and secondary offers, with each common share having a par value of P0.03.

Mynt said the development was also disclosed by Globe Telecom, Inc. in line with corporate governance standards and disclosure rules.

“Over the past decade, Mynt has evolved from an e-wallet operator into the Philippines’ number one finance superapp and largest cashless ecosystem,” Mynt President and CEO Martha 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 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,” she added.

Founded in 2015, Mynt built its digital finance ecosystem through GCash, which began as an SMS-based local money remittance service in 2004. GCash has since expanded into payments, lending, and other digital financial services for consumers, merchants, and enterprise partners.

Sazon said Mynt’s growth could also help encourage more Filipino startups and technology companies to pursue innovation.

“We hope Mynt’s journey could also inspire Filipino companies and startups, fostering a spirit of innovation and entrepreneurship in the local tech community, all while promoting the Philippines as a vibrant hub for technology and fintech innovation in Southeast Asia,” she said.

Mynt said further disclosures will be made at the appropriate time and in accordance with applicable requirements.

The company stressed that any potential offering remains subject to SEC registration requirements, PSE listing requirements, market conditions, transaction structure, governance approvals, consents, and other customary closing conditions.

Mynt is the parent company of the group behind GCash. Its portfolio includes G-Xchange, Inc., the payments company responsible for digital payments and electronic money activities in the GCash app, and Fuse Financing, Inc., which provides digitally enabled credit products and solutions.