Category: Market News

The planned initial public offering (IPO) of GCash operator Globe Fintech Innovations, Inc. (Mynt) could become one of the most significant events in Philippine capital market history, with potential implications for both the local stock market and its major shareholder, Globe Telecom, Inc. (GLO). Recent reports indicate that Mynt is targeting a valuation of at least US$8 billion, or roughly PHP 450-480 billion, and could raise more than US$1 billion in what may become the largest IPO ever on the Philippine Stock Exchange.

Ayala Land, Inc. (ALI) raised PHP 2.67 billion through the sale of 75 million AREIT, Inc. shares in a block transaction, marking another step in the property giant’s capital recycling strategy. In a disclosure to the Philippine Stock Exchange, ALI said the shares were sold at PHP 35.60 apiece through a placement agreement with UBS AG Singapore Branch and BPI Capital Corporation.