The Philippines‘ securities regulator has cleared GCash parent Mynt’s initial public offering that could raise up to P92.32 billion pesos ($1.48 billion), its parent Globe Telecom disclosed on Monday.
Here are the details:
- The Securities and Exchange Commission on Friday approved the offering, allowing Mynt’s IPO, which would be the Philippines‘ biggest if offered at the maximum, surpassing Monde Nissin’s MONDE.PS 55.89 billion peso debut in 2021.
- The regulator has also granted Mynt’s request for a lower minimum initial public float of 12% instead of 15%.
- The raising would value the company at 668.96 billion peso, according to data submitted to the regulator as part of registration.
- The clearance would allow the company to raise up to 8.03 billion common shares with an overallotment option of up to 1.20 billion secondary common shares, Globe Telecom’s GLO.PS filing showed.
- Mynt was founded in 2015 as a partnership between Globe Telecom, Ayala Corp AC.PS, and Ant Financial, now known as Ant Group.
($1 = 62.5810 Philippine pesos)
—Reporting by Nichiket Sunil in Bengaluru; Editing by Rashmi Aich
