GCash owner to seek US$1.5bil record IPO

Cashless shift: A bag vendor browses her mobile phone as she awaits customers at a market in Manila. Mynt offers investors exposure to a population of more than 110 million people who are increasingly using digital payments rather than cash. — AFP

MANILA: The company behind the Philippines’ biggest mobile wallet GCash is preparing what may become the country’s biggest initial public offering (IPO) ever, seeking to raise as much as 92.3 billion pesos (US$1.5bil).

Mynt Inc expects to sell up to 9.23 billion shares, including through an over-allotment option, at up to 10 pesos apiece, according to a person with knowledge of the matter.