Mynt, the operator of financial super app GCash, has taken a major step toward what could become one of the Philippine market’s largest technology listings after securing board and shareholder approvals for a proposed initial public offering.
Globe Telecom said its board has approved the filing of Mynt’s registration statement with the Securities and Exchange Commission and its listing application with the Philippine Stock Exchange. The move was subsequently approved by Mynt’s board and shareholders, clearing the way for the company to proceed with the offering, subject to regulatory approvals and market conditions.
Under the indicative terms, the IPO will consist of shares equivalent to 12 percent of Mynt’s outstanding common shares after listing. The offering will include both primary and secondary shares, allowing the company to raise fresh capital while providing liquidity to existing shareholders.
The planned listing marks a significant milestone for the Philippine fintech sector. Mynt, backed by Ayala Corp., Globe Telecom, Mitsubishi Corp., and Japan’s Mitsubishi UFJ Financial Group, has emerged as one of Southeast Asia’s most valuable digital financial platforms. The company currently carries an established valuation of about USD5 billion following previous funding rounds.
Market sources, however, indicate that Mynt is targeting a valuation of at least USD8 billion in the IPO, reflecting investor expectations for continued growth in digital payments, lending and other financial services. If achieved, the valuation would rank among the highest for a Philippine-listed technology company and underscore the growing importance of digital finance in the country’s capital markets.
The offering is also expected to test investor appetite for large-scale technology listings at a time when Philippine equities are seeking fresh growth stories. With GCash maintaining a dominant position in the local digital payments ecosystem, the IPO could serve as a bellwether for future fintech listings and help deepen the market’s exposure to the rapidly expanding digital economy.
Mynt is expected to appoint underwriters, advisers, and other transaction partners as preparations for the offering advance.
