The Securities and Exchange Commission (SEC) has given the green light to Mynt Inc., operator of leading digital payments platform GCash, for its initial public offering (IPO) valued at up to P92.32 billion. This makes Mynt the first company to leverage the SEC’s reduced public float requirements designed for large-scale issuers, marking a significant development in the country’s capital markets.
Acting during its en banc session, the SEC approved Mynt’s registration statement covering up to 66.9 billion common shares. The approval includes the firm’s request to maintain a minimum initial public float of 12 percent, down from the standard 15 percent, in line with SEC Memorandum Circular No. 11 (Series of 2026). The circular allows such adjustments for issuers with exceptionally large projected market capitalization, upon recommendation from the Philippine Stock Exchange (PSE). Mynt’s estimated market value at listing stands at P668.96 billion—well above the P200-billion threshold set under the said rules.
The IPO will comprise up to 1.61 billion new primary shares issued by the company and up to 6.42 billion shares sold by an existing shareholder, plus an overallotment option of up to 1.20 billion shares. Shares are priced at a maximum of P10 each. If the overallotment option is fully exercised, Mynt expects to generate net proceeds of up to P89.25 billion. Of this amount, roughly P14.95 billion from the primary offering will fund expansion in digital financial services, new product development, and general corporate needs.
Subscription for the offer runs from October 6 to 12, with Mynt set to list on the PSE Main Board under the ticker symbol “GCASH” starting October 20. The offering is being managed locally by BPI Capital Corp. and BDO Capital and Investment Corp. as lead underwriters and joint bookrunners. International joint bookrunners include Jefferies Singapore Limited, CLSA Limited, and The Hongkong and Shanghai Banking Corp. Limited (Singapore Branch), while Morgan Stanley and Co. International PLC, J.P. Morgan Securities plc, and UBS AG Singapore Branch will act as joint global coordinators and bookrunners.
This IPO stands as one of the largest in Philippine corporate history, reflecting confidence in the local digital finance sector and highlighting regulatory flexibility to support major market listings.
