Mynt, the company behind the popular Philippine mobile wallet GCash, has received approval from local regulators to proceed with an initial public offering, according to a report by Bloomberg. The IPO could be one of the largest ever in the Philippines, with the company valued at roughly $5 billion.
The offering is expected to raise up to $1.5 billion, according to sources cited by Bloomberg. Mynt is backed by Chinese fintech giant Ant Group and Philippine conglomerate Ayala Corp., and its GCash service dominates the country's digital payments landscape.
GCash boasts over 90 million registered users, capturing a significant share of the Philippines' fast-growing fintech market. The IPO will provide an exit opportunity for early investors and fuel further expansion for the mobile wallet platform.