Mynt IPO advances with SEC pre-effective letter

Highlights

• Mynt’s proposed IPO covers up to 8.03 billion common shares, with a secondary-share overallotment option.
• GLO closed at ₱1,570, down 10.29% over one month amid net foreign selling.
• Vini Research Desk rates GLO a Buy, ~43% upside to our ₱2240.50 fair value.

The Setup

Globe affiliate Mynt, operator of the GCash e-wallet, has received an SEC pre-effective letter for its planned IPO. The base offer covers up to 8.03 billion common shares, alongside an overallotment option of up to 1.2 billion secondary common shares. At an indicative maximum offer price of ₱10 per share, the transaction could reach about ₱92.3 billion if the overallotment is fully exercised. GLO is trading 8.7% above its 52-week low of ₱1,445 on Oct. 27, 2025; our momentum read on GLO is Bullish.

Source: news article

Our Read

The IPO is a strategic catalyst for Globe because it puts a core digital affiliate on a path to public ownership and broader funding access, without changing Globe’s near-term telecom operations. A successful offering would widen Mynt’s funding avenues and strengthen Globe’s strategic options around an affiliate embedded in its digital ecosystem. Against GLO’s recent share-price pullback, that optionality supports a constructive view rather than requiring a near-term earnings reset.

Vini Research Desk rates GLO a Buy, seeing about 43% upside to our fair value of ₱2240.50. The Mynt IPO supports future capital appreciation and dividend-growth potential for holders of the Passive Income Plan and Smart Momentum Quant Plan.

What We're Watching

• SEC declaration of effectiveness for Mynt’s IPO
• Final offer pricing following the Oct. 6-12 offer period