The Philippine stock market is setting up for its largest initial public offering in history after regulators formally cleared the parent company behind digital payments giant GCash to list on the main board.
With the Securities and Exchange Commission (SEC) approving the registration statement for Mynt (Inc.), the fintech giant is scheduled to make its debut on the Philippine Stock Exchange (PSE) on October 20 under the ticker symbol GCASH.
What the Approval Means for Investors
The clearance grants Mynt authorization to register up to 66.9 billion common shares, putting the total offer value at up to ₱92.32 billion. For domestic retail investors, the listing offers direct public market exposure to the country’s most ubiquitous financial app, which spans digital payments, remittances, micro-lending, and investment products.
The offer period is slated to run from October 6 to October 12, giving buyers a week-long window to participate at a maximum price of ₱10 per share.
Offer Breakdown and Float Waiver
Mynt’s planned listing breaks down across three main components:
- Primary Offer: Up to 1.61 billion new common shares issued directly by Mynt.
- Secondary Offer: Up to 6.42 billion existing common shares sold by an existing shareholder.
- Overallotment Option: Up to 1.20 billion shares designated for stabilizing underwriters in the event of high market demand.
The primary offer is expected to net Mynt roughly ₱14.95 billion, which the company plans to deploy toward digital financial service growth, tech product development, and general corporate balance sheet strength. Net proceeds from the secondary offer will go directly to the selling shareholder.
In a regulatory first, the SEC granted Mynt’s request for a lower minimum public float of 12 percent, down from the standard 15 percent requirement for public issuers. The concession was granted under SEC Memorandum Circular No. 11, Series of 2026, which allows lower float requirements for issuers with exceptionally large valuations. Mynt’s expected initial market capitalization at listing is ₱668.96 billion, far exceeding the circular’s ₱200 billion baseline threshold.
Underwriting Support and Market Context
To execute the massive share issuance, Mynt assembled a heavy roster of domestic and global banking institutions. BPI Capital Corporation and BDO Capital & Investment Corporation are leading the domestic effort, while Jefferies, CLSA, HSBC, Morgan Stanley, J.P. Morgan, and UBS AG are coordinating international distribution and bookrunning.
The public listing represents a major liquidity milestone for Mynt’s core backing consortium, which includes Globe Telecom, Ayala Corporation, Ant International, Japan’s MUFG Bank, and Mitsubishi Corporation. Aside from its main e-wallet network G-Xchange, Mynt operates credit and lending arm Fuse Financing.
While market analysts expect GCASH to draw massive interest from retail buyers, institutional fund managers may rebalance existing domestic stock positions ahead of October 20 to free up liquidity for the record-breaking capital raise.
This article is published on BitPinas: SEC Approves GCash Parent Mynt’s ₱92.3B IPO Targeted for October 20 Listing
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