The operator of the GCash e-wallet, Mynt, is set to launch an initial public offering aiming to raise 92.3 billion Philippine pesos (approximately $1.5 billion), which could become the largest IPO in the Philippines.
Mynt is backed by investments from the Ayala Corp., the conglomerate of Jaime Zobel de Ayala and his family. GCash is one of the country's leading digital payment platforms.
According to a preliminary prospectus filed by Mynt in late June, the company plans to offer up to 9.23 billion shares in its October listing, including a 1.2 billion share over-allotment option, with a maximum offer price of 10 pesos per share.
This would be the Philippines' largest IPO since Monde Nissin's $1 billion listing in 2021.
At the maximum offer price, Mynt's valuation would reach 669 billion pesos (around $10.9 billion), surpassing the market capitalization of BDO Unibank, the country's largest bank and a core asset of the Sy family, which stands at 645.6 billion pesos.
Mynt's shareholders include Globe Telecom of the Philippines and Japan's MUFG Bank.
The total expected proceeds from the IPO are 92.3 billion pesos. Of this, 30% will go to Mynt itself, with the remaining portion going to selling shareholders, including Mynt executives, Alibaba's Ant Group, and funds managed by Warburg Pincus and LGVP Capital Partners.
The prospectus indicates that Mynt will allocate approximately 14.9 billion pesos from the net proceeds to expand its credit business, bolster its cash reserves, and develop new products and services.
Mynt's Chief Executive, Martha Sazon, stated: "Mynt is entering a new phase, but our mission remains steadfast: to reach and serve more Filipinos, continue driving innovation, and ensure everyone can safely and securely participate in and benefit from the digital economy."
Sazon noted that GCash currently has 90 million registered users, with about 40 million monthly active users.
Last year, GCash's total transaction value reached 17 trillion pesos, a 28% year-on-year increase. This drove Mynt's revenue up 27% to 79.8 billion pesos, while net profit surged 56% to a record high of 17.3 billion pesos.
GCash was initially launched in 2004 by Globe Telecom as an SMS-based payment platform. Globe Telecom is held by Ayala Corp. and Singapore Telecommunications.
Ayala Corp. is the Philippines' oldest conglomerate, founded in 1834 by the grandfather of current patriarch Jaime Zobel de Ayala, starting as a brewery. The now Manila-listed company has since expanded into banking, energy, utilities, and real estate.
The Ayala family's net worth stands at $3.4 billion, placing them among the top ten wealthiest in the Philippines.
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