GCash parent company Mynt gets approval to pursue IPO on Philippine Stock Exchange
Mynt, Inc., the fintech corporate parent of GCash, has received approval to file a potential Initial Public Offering on the Philippine Stock Exchange.
In a statement released on June 17, Mynt announced it received authorization from its board of directors and shareholders to file a registration statement with the Securities and Exchange Commission and put in a listing application with the Philippine Stock Exchange, Inc. in connection with a potential initial public offering.
According to the PSE, when a private corporation decides to "go public," they begin a process where they offer shares of their company to the public. An IPO refers to the first time these shares are offered publicly.
Mynt's offer will have the following terms: It will be equivalent to 12% of Mynt's total outstanding capital stock post-IPO, with each common share having a par value of P0.03 per common share. In addition, firm shares will consist of both primary and secondary offers.
Per its statement, any potential offering "remains strictly subject to the registration requirements of the SEC, listing requirements of the PSE, prevailing market conditions, transaction structure, governance approvals and consents, and other customary closing conditions."
"The authorization of our Board and shareholders allows us to work toward a potential public listing as the next step in Mynt's growth journey," said Martha Sazon, president and CEO of Mynt.
The fintech company was founded in 2015, when it began developing GCash into a national digital finance ecosystem. In 2004, GCash started as an SMS-based local money remittance service in 2004.
