The company behind GCash, the digital wallet used by roughly 94 million Filipinos, just took a major step toward going public. Mynt Inc. received board and shareholder approval on June 17 to file a registration statement with the Securities and Exchange Commission and list on the Philippine Stock Exchange.
If it goes through, this would be the largest IPO in Philippine history, with the company planning to raise between $1 billion and $1.5 billion by selling approximately 12% of its total outstanding shares. Mynt is targeting a post-IPO valuation of at least $8 billion.
What Mynt is actually selling
The offering will consist of a mix of primary and secondary shares. In plain terms, some of the shares will be newly created (raising fresh capital for the company), while others will come from existing shareholders cashing out a portion of their stakes.
Mynt executed a stock split ahead of the offering to widen its share base. The shares will carry a par value of three centavos each, which is the Philippine peso equivalent of a fraction of a US cent.
