HONG KONG/SINGAPORE (May 14): Mynt, the Philippine company behind the country’s top e-wallet GCash, is planning to file for a domestic listing as early as July and is seeking a valuation of at least US$8 billion (RM31.4 billion), two people with knowledge of the matter said.
It is aiming to raise around US$1 billion and the listing could take place later this year, said the sources, who declined to be identified as the information was confidential.
The offering, if completed at that size, would rival the roughly US$1 billion raised by food company Monde Nissin in 2021, the Philippines’ largest IPO to date.
Mynt declined to comment.
Mynt’s main service is GCash, which says it is used by 94 million Filipinos in a country with a population of nearly 120 million.
Users of the app can purchase prepaid mobile data packages, pay bills, send and receive money, access savings as well as loans and insurance.
The IPO’s timing, size and valuation target could still change depending on market conditions and regulatory approvals, one of the sources said.
The company appointed banks including Citi, Jefferies and UBS to work on the IPO in early 2025.
But it had been waiting for local regulators to ease minimum public ownership requirements before moving ahead, according to sources.
Those requirements have now been eased. The Philippine Securities and Exchange Commission in February lowered the minimum IPO public float for large issuers to 15% from 20%, with case-by-case relief available for exceptionally large companies to list with a float of as low as 12%.
Sources said the change allows shareholders in companies like Mynt to avoid heavy dilution in an IPO.
Mynt was founded in 2015 as a partnership between Globe Telecom, Ayala Corp and Ant Financial, now known as Ant Group.
Mynt also owns Fuse Financing, a lending business, and Ryse, a wealth technology platform. The company was valued at US$5 billion in 2024 after Ayala Corp and Japan’s Mitsubishi UFJ Financial Group agreed to invest in the company, which was more than double its 2021 valuation.
Uploaded by Magessan Varatharaja
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