Philippines-based communications firm Globe Telecom GLO.PS said on Wednesday its board approved two filings related to the proposed initial public offering of its e-wallet unit Mynt with the Securities and Exchange Commission and the local stock exchange.
Here are some more details:
- Globe Telecom approved filing a registration statement with the Philippine SEC and a listing application with the Philippine Stock Exchange.
- The offering is expected to represent about 12% of Mynt’s outstanding shares post-IPO.
- Shares will have a par value of 0.03 pesos each.
- The shares will consist of both primary and secondary offers.
- Mynt, which operates the country’s top e-wallet GCash, aims to raise around $1 billion and is seeking a valuation of at least $8 billion, Reuters reported in May.
- The offering, if completed at that size, would rival the roughly $1 billion raised by food company Monde Nissin MONDE.PS in 2021, the Philippines’ largest IPO to date.
- In a separate statement, Mynt said its board and shareholders also authorised the two filings.
—Reporting by Jasmeen Ara Shaikh in Bengaluru; Editing by Eileen Soreng
