Shares of Globe Telecom, Inc. rose last week after its board approved filings related to the proposed initial public offering (IPO) of affiliate Mynt, Inc., the parent company of e-wallet platform GCash, BusinessWorld reported.
The IPO would involve GCash, one of the Philippines’ leading digital payment platforms with millions of users. Mynt’s valuation has grown significantly in recent years, and a public listing would provide a major liquidity event for investors. The company has not yet set a timetable or offering size for the potential IPO.
Globe’s stock gained amid positive market sentiment on the prospect of unlocking value from its stake in Mynt. The telecom company holds a significant minority interest in the fintech affiliate, which has driven strong financial performance through GCash’s transaction volume growth.