On Wednesday, the board members of Mynt, the parent company of GCash, officially authorised the filing of a potential initial public offering (IPO) on the Philippine Stock Exchange, as first reported by The Business Times and InsiderPH.

“The authorisation of our board and shareholders allows us to work towards a potential public listing as the next step in Mynt’s growth journey,” said Martha Sazon, President and CEO of Mynt.

This corporate step paves the way for the firm to file an IPO prospectus, which reportedly could happen as early as this month.

The terms of the offer will be equivalent to 12% of the total outstanding capital stock of Mynt post-IPO.

Each common share in the offering will carry a par value of 0.03 Philippine pesos.

The planned market listing aims to raise over US$1 billion to become a record breaking equity offering in the country.

Market watchers have long viewed the financial technology company as ready for a public listing after recording sustained growth in domestic digital services.

The move follows recent regulatory approvals for a corporate stock split designed to prepare the firm for its eventual public market debut.

Featured image: Edited by Fintech News Philippines based on an image by user23413193 via Magnific.