SEC Approves GCash Parent Mynt’s P92.3-Billion IPO for October Listing

The Securities and Exchange Commission has cleared the way for what is poised to become one of the Philippines’ largest stock market debuts this year, approving the initial public offering of Mynt Inc., the parent company of GCash.

The regulator approved Mynt’s registration statement during its Sept. 3 meeting, paving the way for the company to offer shares at a maximum price of P10 each. The planned transaction has a total potential value of about P92.32 billion, including the over-allotment option.

Mynt plans to issue as many as 1.61 billion new common shares under the primary offering, while an existing shareholder is set to sell up to 6.42 billion shares. An additional 1.20 billion shares may be made available through the over-allotment provision.

Based on the company’s latest schedule submitted to the SEC, the public offering is expected to run from Oct. 6 through Oct. 12. Mynt is targeting an Oct. 20 listing on the main board of the Philippine Stock Exchange under the ticker GCASH.

The offering also carries regulatory significance beyond its size. Mynt will be the first company to use the SEC’s newly reduced minimum public float requirement for exceptionally large issuers.

Under SEC Memorandum Circular No. 11, Series of 2026, the regulator may approve a lower initial public ownership requirement upon the recommendation of the PSE when a company is expected to have an exceptionally high market capitalization at the time of listing.

For Mynt, the SEC approved an initial public float of 12 percent, below the previous 15-percent requirement. The company is expected to debut with a market capitalization of approximately P668.96 billion, substantially above the P200-billion threshold established under the new rules.

The structure gives Mynt greater flexibility while allowing the market to gain access to one of the country’s most prominent digital financial platforms. In practical terms, the revised rule functions much like a wider gateway for exceptionally large companies seeking public-market participation without requiring them to immediately release as large a portion of their ownership to public investors.

Should the over-allotment option be fully subscribed, Mynt could raise as much as P89.25 billion in net proceeds from the overall offering.

Of the funds generated from the primary share issuance, approximately P14.95 billion is expected to go directly to Mynt. The company plans to deploy the proceeds toward expanding its digital financial services, developing products and supporting broader corporate requirements.

The IPO brings together major financial institutions from both the domestic and international markets. BPI Capital Corp. and BDO Capital & Investment Corp. have been appointed domestic lead underwriters and joint bookrunners.

On the international side, Jefferies Singapore Ltd., CLSA Ltd. and The Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch, will act as international joint bookrunners.

Morgan Stanley & Co. International PLC, J.P. Morgan Securities plc and UBS AG Singapore Branch will serve as joint global coordinators and joint bookrunners.

The SEC approval marks a significant step toward Mynt’s transition from a privately held digital finance company into a publicly traded corporation. If the current timetable holds, the GCash parent will enter the PSE with a valuation that places the transaction among the market’s most consequential new listings.