Philippine fintech GCash to split stocks ahead of possible IPO
Globe Fintech has yet to file for an IPO, which could value the company at at least $8b
The company behind the Philippines’ top mobile wallet GCash has approved a stock split to increase the number of its common shares amid plans for an initial public offering.
Globe Fintech Innovations Inc. will reduce the par value of its common shares to 0.03 peso per share from 1 peso and increase the number of authorized common shares to 71.7 billion from 2.15 billion, according to shareholders Ayala Corp. and Globe Telecom Inc.
The move, which keeps the company’s authorized capital stock of 2.15 billion pesos, is subject to regulatory approval, they said.
“The company is future proofing for capital raising opportunities, which could include an IPO,” Ayala said separately.
Globe Fintech or Mynt has yet to file for an IPO, which could value the company at at least $8 billion.
At least two companies have announced plans to go public as soon as this year despite a volatile market — utility company Maynilad Water Services Inc. and casino operator Hann Holdings Inc.
Sign up for the Daily Briefing
Get the latest news and updates straight to your inbox
