Globe Fintech Innovations Inc. (Mynt), the operator of GCash, said Tuesday it secured an approval from the Securities and Exchange Commission (SEC) for a stock split to increase its common shares ahead of its planned initial public offering (IPO).
The amendment will increase the number of Mynt’s common shares to 71.66 billion from 2.1 billion. The par value of the shares will change to P0.03 per share from P1 per share. Mynt’s authorized capital stock of P2.15 billion will remain the same.
Globe Telecom Inc, the parent firm of Mynt, said on a disclosure to the Philippine Stock Exchange Mynt received its amended articles of incorporation as approved by the SEC. Analysts have suggested that the stock split could boost GCash’s IPO by making shares more accessible to a wider pool of investors.
Globe president and chief executive Carl Cruz said in April that GCash is still aiming for its planned IPO this year or in 2026, adding that the offering would 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.
Mynt president and chief executive Martha Sazon said in August 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 Corp. (Ayala) and MUFG brought the valuation of GCash to $5 billion, more than doubling its previous valuation of $2 billion in 2021.
Ayala, 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.
