The fintech giant is seeking to raise more than $1 billion in an offering targeted for the fourth quarter, according to a Wall Street Journal report citing people familiar with the matter.
A source with direct knowledge of the matter confirmed the listing plans and target deal size for Mynt, which is principally backed by Globe Telecom, parent firm Ayala Corp. and China’s Ant Group alongside several key investors, including Japan’s MUFG Bank Ltd. and Mitsubishi.
A billion-dollar comeback for IPOs
At that size, the offering could rival or surpass the $1 billion IPO of Monde Nissin in 2021, still the largest stock market debut on record in the Philippines.
The deal would provide a badly needed catalyst for the Philippine Stock Exchange, where IPO activity has slowed sharply in recent years as companies delayed fundraising plans and a growing number of listed firms opted to go private.
The valuation hurdle
Based on the Securities and Exchange Commission’s recently approved public float framework, a $1 billion fundraising would imply a valuation of about $8 billion if Mynt is allowed to sell a 12 percent stake under provisions covering exceptionally large issuers.
The SEC earlier dropped its plan to automatically allow mega listings to sell as little as 12 percent of shares to the public, although companies with market capitalizations above P200 billion may still seek exemptions subject to regulatory approval.
Finally getting its window
Mynt has long been viewed as IPO-ready, but volatile global markets repeatedly pushed back listing plans.
Trade tensions, elevated interest rates and geopolitical conflicts kept many large issuers on the sidelines despite strong investor interest in the country’s dominant fintech platform.
Mynt’s latest IPO push comes as global markets regain their footing following a preliminary US-Iran agreement that eased fears of a prolonged conflict in the Middle East.
The Wall Street Journal reported that Mynt could file its IPO prospectus as early as this month.
—Edited by Miguel R. Camus
