Globe Telecom Inc. announced that its affiliate, Mynt Inc., has received a Notice of Approval from the Philippine Stock Exchange for the company’s proposed initial public offering.

The approval covers the listing of up to 8.03 billion common shares, with an overallotment option of up to 1.20 billion secondary common shares.

Globe Telecom said the IPO remains subject to the fulfillment of conditions set in the Securities and Exchange Commission’s pre-effective letter and the exchange’s approval notice, the SEC’s issuance of a Permit to Sell, prevailing market conditions, final offer terms and internal consents.

The company added that further details of the planned offering will be disclosed at the appropriate time.