Philippines' Globe Telecom moves ahead with Mynt IPO-related filings
FILE PHOTO: A logo of Globe Telecom is seen at a Globe service center in Edsa, Quezon City, metro Manila, Philippines, May 7, 2018. Picture taken May 7, 2018. REUTERS/Dondi Tawatao/File Photo
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June 17 : Philippines-based communications firm Globe Telecom 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 per cent 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 in 2021, the Philippines' largest IPO to date.
• In a separate statement, Mynt said its board and shareholders also authorised the two filings.
