Globe Fintech Innovations Inc. (Mynt), the parent company of GCash, has reaffirmed its commitment to launching an initial public offering (IPO) in the Philippines despite facing regulatory hurdles related to the Philippine Stock Exchange’s (PSE) minimum public ownership requirements.
The company expressed concerns over the PSE’s “rigid” rules, which mandate a 20 to 33 percent public float post-IPO, saying the threshold might not align with the company’s goals. Mynt remains hopeful that the Securities and Exchange Commission (SEC) and the PSE will reconsider the regulation, given GCash’s unique market position and the interest of international investors.
Bloomberg News previously reported that GCash plans to raise between USD1 billion and USD1.5 billion through the IPO, potentially in the second half of 2025. Despite these challenges, Mynt has solid financial backing, including a USD786 million investment from Japan’s Mitsubishi UFJ Financial Group (MUFG), boosting the company’s valuation to USD5 billion. Ayala and MUFG’s investments further solidify GCash’s future prospects and underscore growing confidence in Mynt’s potential to reshape the Philippine fintech sector.
These strategic investments and the looming IPO reflect Mynt’s ambitious growth trajectory, aiming to solidify its dominance in the competitive fintech landscape while addressing critical regulatory concerns.
