After years of speculation, GCash operator Mynt is finally laying the groundwork for a stock market debut after authorizing a potential initial public offering (IPO).

Mynt confirmed on Wednesday that its board and shareholders have approved the filing of a registration statement with the Securities and Exchange Commission (SEC) and a listing application with the Philippine Stock Exchange.

The planned offer will cover 12 percent of Mynt’s outstanding capital stock and consist of both primary and secondary shares.

Number one finance superapp

“Over the past decade, Mynt has evolved from an e-wallet operator into the Philippines’ number one finance superapp and largest cashless ecosystem,” said Martha Sazon, president and chief executive officer of Mynt.

“The authorization of our Board and shareholders allows us to work toward a potential public listing as the next step in Mynt’s growth journey, while continuing to focus on the priorities that have brought us to this point: serving customers, supporting merchants, strengthening our platform offering, and building the business for the long term.”

Strong position

Market analysts believe Mynt is in a strong position to proceed with its IPO despite prevailing market volatility.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said GCash’s dominant presence in digital payments, extensive user base, scale, brand recognition and role in everyday transactions should continue to attract investor interest.

“GCash is well-positioned to push through with its IPO despite market volatility, given its dominant presence in digital payments and strong user base,” Limlingan said.

Strong Q1 growth

GCash posted strong first-quarter growth, with income attributable to Globe Telecom surging 120 percent quarter-on-quarter to P1.9 billion, driven by higher usage of its lending and wealth products.

Its lending arm, Fuse Financing, reported cumulative loan disbursements of P406 billion, up 60 percent year-on-year, while GStocks PH reached 1.9 million registered investors and GCrypto grew to 5 million users.