Globe Fintech Innovations (Mynt), the operator of mobile wallet GCash, has approved a reduction in the par value of its shares ahead of a planned initial public offering.
In a disclosure to the Philippine Stock Exchange (PSE), Globe Telecom said Mynt’s board of directors and shareholders amended the number of its common shares and par value from 2.1 billion common shares with a par value of P1 per share to 71.65 billion with a par value of P0.03 per share.
The company’s authorized capital stock of P2.1 billion will remain the same.
“We will make the pertinent disclosure once the company has obtained the approval of the Securities and Exchange Commission (SEC),” Globe said.
Globe president and chief executive Carl Cruz said in April that GCash is still pursuing its planned IPO in 2026.
Cruz said the GCash IPO will be in “push-button mode very, very soon.”
Bloomberg News earlier reported that GCash was planning to raise $1 billion to $1.5 billion, possibly in the second half of 2025.
In August, Mynt president and chief executive Martha Sazon said the company was in no hurry to launch an IPO after securing a $786 million investment from Japan’s Mitsubishi UFJ Financial Group (MUFG), providing ample financial resources to fuel its growth.
The investment from Ayala and MUFG of Japan brought GCash’s valuation to $5 billion, more than doubling its previous valuation of $2 billion in 2021.
This development solidifies Mynt’s position as a leading fintech player in the Philippines and signals its ambitious plans for future growth and innovation.
Ayala Corp., through its subsidiary AC Ventures Holdings Inc., will expand its ownership in Mynt by 8 percent to 13 percent, while MUFG Bank Ltd. will acquire an equal stake of 8 percent.
Prior to the transactions, key shareholders of Mynt included Globe Telecom and Ant Group, holding 35 percent and 34 percent, respectively.
These investments underscore the growing confidence in Mynt’s potential to revolutionize the Philippine financial landscape.
