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Philippines' Globe Telecom moves ahead with Mynt IPO-related filings
🇸🇬 Singapore /Economy & Trade

Philippines' Globe Telecom moves ahead with Mynt IPO-related filings

From CNA · () English

Summarized and contextualized by DistantNews.

At a glance

News Official statement New plan
  • Globe Telecom's board approved filings for the initial public offering of its e-wallet unit, Mynt.
  • The offering is expected to represent about 12% of Mynt's shares post-IPO, aiming to raise around $1 billion.
  • Mynt, operator of the GCash e-wallet, seeks a valuation of at least $8 billion, potentially rivaling the Philippines' largest IPO to date.

Philippine communications firm Globe Telecom is moving forward with plans for its e-wallet unit, Mynt, to go public. The company's board has approved the necessary filings for an initial public offering (IPO) with the Securities and Exchange Commission and the local stock exchange.

The planned offering is anticipated to comprise approximately 12% of Mynt's outstanding shares after the IPO. Shares will have a par value of 0.03 pesos each and will include both primary and secondary offers. Mynt, which operates the country's leading e-wallet service, GCash, aims to raise about $1 billion.

This fundraising goal is tied to a desired valuation of at least $8 billion. If successful at this scale, the IPO could rival the roughly $1 billion raised by food company Monde Nissin in 2021, which currently stands as the Philippines' largest IPO. Mynt's board and shareholders have also authorized the filings, signaling a unified push towards the public offering.

DistantNews Editorial

Originally published by CNA. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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