Globe Fintech Innovations, Inc. (Mynt), the operator of mobile e-wallet GCash, is splitting its stocks to expand its pool of common shares — laying the groundwork for its highly anticipated public debut.

In separate disclosures on Tuesday, Ayala Corp. (AC) and Globe Telecom, Inc. said Mynt’s board approved changes to its articles of incorporation, slashing the par value of its common shares from P1 to just three centavos. 

“The board of directors and shareholders of Globe Fintech Innovations, Inc. in their special board meeting and annual stockholders’ meeting held today, approved the proposed stock split reducing the par value of the company’s common shares,” AC said in a regulatory filing.

The move expands the company’s authorized common shares from 2.15 billion to 71.66 billion while keeping the authorized capital stock steady at P2.15 billion.

Mynt, which also owns G-Xchange, Inc., the operator of GCash, is 36 percent owned by Globe.

In April, Globe chief financial officer and treasurer Carlo Puno said the GCash IPO could occur later this year or in 2026, depending on market conditions.

To recall, the Securities and Exchange Commission introduced a rule allowing large IPOs, those exceeding P5 billion, to apply for a lower public float. 

While the 20 percent minimum remains firm, the SEC said it may permit an initial float of 15 percent if companies commit to raising it through a follow-on offering or private placements within three years.

The relaxed requirement is in effect for an initial two-year period, with the possibility of an extension based on market conditions.