For Globe Telecom and Ayala Corporation, the IPO is not simply a chance for Mynt to raise capital. It is a moment of revelation. Both companies already own pieces of Mynt. Both already show those stakes somewhere in their accounts. But the two stakes are carried at very different implied values, and that gap says much about how accounting can obscure economic reality.
Globe’s stake is the more straightforward. Globe owns Mynt directly. After MUFG’s entry, Globe’s ownership was diluted from 36% to 34%. As of the first quarter of 2026, Globe carried its Mynt investment at about ₱25.9bn, using the equity method. That method is deliberately conservative: the stake is generally recorded at historical cost, then adjusted for Globe’s share of Mynt’s earnings, dilution effects, and other book movements. It is not automatically marked up to the latest private-market or IPO valuation.
Ayala’s route is less direct. Its non-Globe exposure to Mynt runs through AM 50 Ventures, formerly AC Ventures. AM 50 owns roughly 13% of Mynt. After Mitsubishi invested in the vehicle, Ayala and Mitsubishi each owned 50% of AM 50, leaving Ayala with an effective Mynt stake of roughly 6.5%–6.6%. Ayala’s first-quarter 2026 carrying value for AM 50 Ventures was about ₱19.6bn.
The oddity is obvious once the numbers are placed side by side. Globe owns about a third of Mynt. Ayala’s direct, non-Globe look-through stake is only about one-fifteenth. Yet Globe’s carrying value is only modestly higher than Ayala’s. On Globe’s books, a 34% stake carried at ₱25.9bn implies a total Mynt value of only about ₱76bn. In Ayala’s books, a 6.5%–6.6% effective stake, carried at ₱19.6bn, implies a Mynt value of ₱297bn–₱301bn. The company is the same. The accounting shadows are not.
The explanation is not scandalous. It is accounting. Globe’s stake is old, large, and equity-accounted. Ayala’s stake appears to have been reset closer to the economics of recent transactions after Mitsubishi entered AM 50 Ventures. Mitsubishi’s investment provided a fresh reference point for the value of the Mynt stake housed inside the vehicle.
An IPO could make the discrepancy much harder to ignore. At a reported US$8bn valuation and an exchange rate of roughly ₱60.65 per dollar, Mynt would be worth about ₱485bn. On that basis, Globe’s current 34% stake would be worth roughly ₱165bn before any IPO dilution. Against Globe’s ₱25.9bn carrying value, that suggests a paper gain of about ₱139bn.
Ayala’s potential uplift is smaller, but still meaningful. A 6.5%–6.6% effective interest in a ₱485bn Mynt would be worth roughly ₱31.5bn–₱32.0bn. Compared with Ayala’s ₱19.6bn carrying value for AM 50 Ventures, that implies a paper gain of around ₱12bn.
These gains would be paper gains if Globe and Ayala do not sell shares. That distinction matters. A listing does not by itself put cash in Globe’s or Ayala’s bank account. It merely provides a public price for an asset they already own. The gain would therefore be an unrealized uplift, not realized proceeds. The phrase “unlocking value” is often overused in capital markets; in this case, the more precise phrase is “revealing value.”
There is also the question of dilution. The proposed IPO is expected to represent about 12% of Mynt’s post-IPO capital. If, in a simplified case, those 12% were entirely new primary shares and neither Globe nor Ayala sold any, their ownership percentages would fall. Globe’s 34% stake would decline to about 29.9%. Even then, at a ₱485bn Mynt valuation, Globe’s diluted stake would be worth roughly ₱145bn, implying a paper gain of about ₱119bn versus its current carrying value.
Ayala would also be diluted in that simplified all-primary scenario. Its effective interest rate of 6.5%–6.6% would fall to roughly 5.7%–5.8%. At the same IPO valuation, Ayala’s AM 50-linked Mynt exposure would still be worth about ₱28bn, leaving a paper uplift of roughly ₱8bn–₱9bn over the current carrying value.
The larger revelation is likely to be at Globe. Mynt is already a significant earnings engine for the telecom company. In the first quarter of 2026, Globe’s equity share from Mynt was about ₱1.9bn, and Mynt contributed around 30% of Globe’s pretax income. A successful IPO would not just validate that earnings contribution. It would make visible the gulf between Globe’s book value for Mynt and the market value implied by a public listing.
For Ayala, the story is quieter but still strategic. Ayala’s AM 50 stake already appears closer to the recent transaction value, so the paper uplift is less dramatic. But an IPO would confirm that the conglomerate’s digital-finance portfolio has become a serious store of value alongside its older holdings in banking, property, and infrastructure.
That is the real lesson of the Mynt listing. Public markets do not always create wealth. Sometimes they simply put a price on wealth that was already there. For years, Globe and Ayala have carried Mynt through investment notes, joint-venture lines, and equity-accounted entries. An IPO would drag that value out of the footnotes and into the open.
For Globe, the reveal could be enormous. For Ayala, it could be validating. For investors, it may be another reminder that in a conglomerate, the most valuable asset is not always the largest line item. Sometimes it is the app people use to pay for coffee.
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Disclaimer: This is for informational purposes and is not investment advice. Figures are taken from company disclosures and exchange data; valuation ratios include the author’s calculations based on cited inputs.
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