It is the next stage of growth for the popular fintech service.
On Wednesday, June 17, Mynt, Inc., the parent company of the leading mobile wallet and financial superapp GCash, announced that its Board of Directors and shareholders have authorized the filing of necessary documents for the company’s potential initial public offering (IPO).
Among these, which they filed with regulators, are the registration statement with the Securities and Exchange Commission (SEC) and a listing application with the Philippine Stock Exchange, Inc. (PSE).
According to Mynt, the IPO will be “equivalent to 12.0% of Mynt’s total outstanding capital stock post-IPO, with each common share having a par value of P0.03 per common share.”
The firm shares will then consist of both primary and secondary offers, it added.
Martha Sazon, President and CEO of Mynt, said in her statement, “Over the past decade, Mynt has evolved from an e-wallet operator into the Philippines’ number one finance superapp and largest cashless ecosystem.”
The executive also told that the authorization of the Board and shareholders allows the company to work toward the public listing, which she described as the “next step” in Mynt’s growth journey.
“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,” Sazon added.
At present, Mynt said that the potential IPO “remains strictly subject to the registration requirements of the SEC, listing requirements of the PSE, prevailing market conditions, transaction structure, governance approvals and consents, and other customary closing conditions.”
The company also conveyed that further disclosures will be made at the appropriate time and in accordance with applicable requirements.
Mynt was established in 2015 and had built a digital finance ecosystem through GCash—which started as an SMS-based local money remittance service in 2004.
Since then, the app has grown to serve a different consumers, merchants, and partner enterprises across different products such as payment solutions, lending, and digital financial services.
Mynt operates G-Xchange, Inc., the payments company for GCash responsible for the digital payments and electronic money activities in the GCash app, and Fuse Financing, Inc., the financing company for GCash that provides credit products and solutions.
“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,” Sazon continued.
Mynt also noted that its parent Globe Telecom, Inc. has also disclosed the dame information in accordance to corporate governance standards and pertinent disclosure rules and regulations.