GCash stock split ahead of US$1bn IPO
Globe Fintech Innovations, the company that owns mobile wallet GCash, has approved a stock split plan ahead of a US$1bn IPO.
Globe Fintech will reduce the par value of its common shares to Ps0.03 from Ps1 and increase the number of authorised common shares to 71.7bn from 2.15bn, according to a stock exchange disclosure.
The IPO is planned for the fourth quarter.
Globe Fintech, also known as Mynt, has Ant Group, Mitsubishi UFJ Financial Group and Philippines conglomerate Ayala as shareholders.
GCash is used to transfer money, pay bills, invest or buy insurance and shop online.
JP Morgan, Morgan Stanley, UBS, HSBC and Jefferies are working on the IPO.