Mynt Plans IPO, Secures Over 20 Cornerstone Investors Including BlackRock

Mynt, the Filipino fintech company behind the popular GCash mobile wallet, is moving forward with plans for an Initial Public Offering (IPO). The company has lined up more than 20 cornerstone investors, including prominent asset managers BlackRock and T. Rowe Price, to participate in the share sale, which could raise as much as 80.3 billion pesos (approximately $1.3 billion).

The planned IPO comes at a time when capital markets in the Philippines have seen limited activity. Year-to-date, Filipino companies have raised only $227.1 million through equity capital markets deals, according to data from the London Stock Exchange Group. If priced at the higher end, Mynt's offering could become the largest IPO in the Philippines' history, surpassing Monde Nissin's 2021 flotation.

According to a preliminary prospectus, the offer period for the shares is scheduled from October 6 to October 12, with trading expected to commence on October 20. The cornerstone investors have committed to purchasing 36.5 billion pesos (around $582.4 million) worth of shares. Mynt intends to offer up to 8.03 billion shares at a maximum price of 10 pesos each.

Mynt was valued at $5 billion in a funding round earlier this year, backed by investors such as Ayala and MUFG. In May, reports indicated the company was targeting an IPO valuation of $8 billion. An overallotment option for up to an additional 1.2 billion shares could increase the total deal size to approximately 92.3 billion pesos (about $1.47 billion).