Mynt Draws Global Institutional Interest Ahead of IPO

Mynt, the Philippines' leading FinTech company, is reportedly drawing significant interest from global institutional investors such as the International Finance Corporation (IFC), BlackRock, Capital Group, and Schroders as it gears up for its initial public offering (IPO). Sources indicate that these institutions are looking to acquire shares at approximately P6.50 each, which is below the maximum offer price of P10. The substantial interest from institutional players is anticipated to boost the visibility and potential success of Mynt's IPO. For Globe Telecom (GLO), Mynt's largest shareholder with a substantial 34% stake, the valuation that Mynt achieves through its IPO will be a critical factor. GLO has confirmed it will not be selling any of its shares during the offering. Mynt has become a significant contributor to GLO's financial performance, accounting for roughly 28% of its earnings. A successful IPO, bolstered by strong institutional demand, is expected to provide a more defined market valuation for GLO's fintech assets and enhance the recognition of its stake in Mynt. Mynt is scheduled to finalize its pricing on October 1. The public offer period is set to run from October 6 to October 12, with the company slated for listing on October 20. Analysts covering Globe Telecom have maintained an 'Outperform' rating on the telco's stock, pointing to its steady core earnings and the potential for the Mynt IPO to act as a valuation catalyst, thereby offering a clearer market assessment of GLO's significant investment in the fintech sector. Source: Philstar Business