Mynt, the Filipino fintech behind the mobile wallet GCash, has lined up more than 20 cornerstone investors, including BlackRock and T. Rowe Price, for a planned initial public offering, according to a preliminary prospectus.

The share sale could raise up to 80.3 billion pesos (US$1.3 billion).

The offer period is scheduled from October 6 to October 12, and trading is expected to begin on October 20.

Cornerstone investors have agreed to buy 36.5 billion pesos (US$582.4 million) of shares.

Mynt plans to sell up to 8.03 billion shares at up to 10 pesos (US$0.16) each.

An overallotment option for up to 1.2 billion additional shares could increase the deal size to about 92.3 billion pesos (US$1.47 billion).

The company was valued at US$5 billion in a 2024 funding round backed by Ayala and MUFG.

In May, Mynt was targeting an initial public offering valuation of US$8 billion.

If priced at the top end, the deal would surpass Monde Nissin’s 55.89 billion-peso 2021 flotation as the Philippines’ biggest initial public offering.

Filipino companies have raised just US$227.1 million through equity capital markets deals so far this year, according to London Stock Exchange Group data.

🔗 Source: Reuters