GCash operator Mynt is set to raise 92.3 billion pesos ($1.5 billion) in what could be the Philippines' largest initial public offering (IPO) in October. The company plans to sell up to 9.23 billion shares at a maximum price of 10 pesos each, according to its preliminary prospectus filed over the weekend. This IPO could surpass the previous record set by Monde Nissin, which raised $1 billion in 2021.
Key Details
Mynt, backed by Ayala Corp. and other investors, is valued at approximately 669 billion pesos ($10.9 billion) based on the IPO price. The offering includes an overallotment option of 1.2 billion shares. Mynt aims to allocate 30% of the gross proceeds to its own operations, while the remainder will benefit selling shareholders, including executives and Ant Financial.
Background
The funds raised will support Mynt's lending portfolio and cash reserves, as well as the development of new products and services.
Our mission remains steadfast: to reach and serve millions more Filipinos, drive continuous innovation, and ensure that everyone is safely, securely, and meaningfully included in the digital economy,
said Mynt CEO Martha Sazon. GCash currently boasts 90 million registered users, with 40 million active monthly users. The company reported a 56% increase in net income to 17.3 billion pesos last year, driven by a 27% rise in revenue to 79.8 billion pesos and a 28% increase in transactions to 17 trillion pesos.
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Sources: forbes.com, forbes.com.
The IPO could influence the Philippine stock market, particularly impacting the fintech sector and investor sentiment towards digital payment platforms. A successful listing may encourage further investment in technology-driven financial services in the region. Watch for the final pricing and allocation details expected in October as the IPO approaches.