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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Mynt declined to comment.<\/p>\n
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.<\/p>\n
Users of the app can purchase prepaid mobile data packages, pay bills, send and receive money, access savings as well as loans and insurance.<\/p>\n
The IPO’s timing, size and valuation target could still change depending on market conditions and regulatory approvals, one of the sources said.<\/p>\n
The company appointed banks including Citi, Jefferies and UBS to work on the IPO in early 2025.<\/p>\n
But it had been waiting for local regulators to ease minimum public ownership requirements before moving ahead, according to sources.<\/p>\n
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%.<\/p>\n
Sources said the change allows shareholders in companies like Mynt to avoid heavy dilution in an IPO.<\/p>\n
Mynt was founded in 2015 as a partnership between Globe Telecom, Ayala Corp and Ant Financial, now known as Ant Group.<\/p>\n
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.<\/p>\n
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