Globe Fintech Innovations Inc, the operator of the Philippines’ leading mobile wallet platform GCash, has approved a stock split aimed at increasing its pool of common shares, signalling early-stage preparations for a potential initial public offering.
The fintech company will lower the par value of its common shares from PHP1.00 to PHP0.03 per share, thereby expanding the number of authorised common shares to 71.7 billion from the current 2.15 billion. The total authorised capital stock will remain unchanged at PHP2.15 billion. This corporate action, disclosed by shareholders Ayala Corporation and Globe Telecom Inc, remains subject to regulatory approval.
Ayala Corporation noted, “The company is future-proofing for capital-raising opportunities, which could include an IPO.”
While Globe Fintech Innovations Inc—also known as Mynt—has yet to formally file for a public listing, the firm’s potential valuation could reach at least US$8 billion (approximately RM33.9 billion), according to market observers.
The move comes as other Philippine companies are testing the capital markets despite current volatility. Notably, Maynilad Water Services Inc and Hann Holdings Inc, a casino operator, have both indicated intentions to proceed with IPOs as early as this year.
-Bloomberg
