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Philippine Fintech Company Mynt Advances With IPO Process
Philippine Fintech Company Mynt Advances With IPO Process
About this update from Ayala Corp.
(03:03 GMT) *Mynt Board of Directors, Shareholders Authorize Filing for IPO in Philippines (03:07 GMT) *GCash Parent Mynt to File IPO Registration for Philippine Listing (03:09 GMT) *GCash Owner Mynt Plans to Sell 12% Stake in Possible IPO (03:44 GMT) Philippine Fintech Company Mynt Advances With IPO ProcessBy P.R. VenkatAn Ant International-backed Philippine fintech unicorn is moving ahead with plans to go public, which, if successful, could emerge as the country's largest listing on record.Mynt, which operates mobile financial services platform GCash, said Wednesday that its board 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 IPO.The company plans to offer up to 12% of its shares in the offering.Mynt didn't provide the financial terms of the IPO.People familiar with the process had said earlier that Mynt aims to file the IPO prospectus as early as this month, aiming to raise more than $1.0 billion.Founded in 2004, GCash is one of the Philippines' largest digital cashless ecosystems, drawing 94 million users to its mobile wallet and finance super app.Operated by Mynt--formally known as Globe Fintech Innovations--GCash lets users pay bills, transfer money and tap a growing range of financial services across savings, credit, investment and insurance products.The platform supports cross-border payments in over 220 countries and territories through partner networks, including Ant Group's Alipay+.Apart from Philippines telco Globe Telecom, which has a 34% stake in Mynt, other backers include Japan's Mitsubishi UFJ Financial Group and private-equity firm Warburg Pincus.The Philippines' biggest-ever listing is that by food-and-drinks company Monde Nissin in 2021.Write to P.R. Venkat at [email protected]