Mynt, the parent company of GCash, has received approval from the Philippine Securities and Exchange Commission to proceed with what is set to be the country’s largest initial public offering to date. The company is scheduled to list on the Philippine Stock Exchange main board on October 20 under the ticker GCASH.
The approved registration covers up to 66.9 billion common shares, with a total offer size of as much as ₱92.32 billion. The offer period is set for October 6 to October 12, and the maximum offer price has been set at ₱10 per share.
A record-sized public debut
The SEC clearance allows Mynt to move ahead with a listing that would surpass previous Philippine IPOs in size. The transaction gives public market investors a direct way to gain exposure to the company behind one of the country’s most widely used financial apps.
GCash’s services span digital payments, remittances, micro-lending and investment products. The planned listing therefore places a broad fintech platform at the center of what is shaping up to be a landmark deal for the domestic market.
How the offer is structured
The proposed sale is split into three parts. Mynt plans to issue up to 1.61 billion new common shares in the primary offer, while an existing shareholder will sell up to 6.42 billion shares through a secondary offer. The deal also includes an overallotment option of up to 1.20 billion shares intended for stabilizing underwriters if demand is strong.
Based on the terms disclosed, the primary offer is expected to raise about ₱14.95 billion for Mynt. The company said those proceeds are intended for expansion of digital financial services, technology product development and general balance sheet support. Proceeds from the secondary portion will go to the selling shareholder rather than to Mynt.
Float waiver and valuation
In a notable regulatory step, the SEC allowed Mynt to list with a minimum public float of 12 percent instead of the standard 15 percent. The waiver was granted under SEC Memorandum Circular No. 11, Series 2026, which permits a lower float for companies with exceptionally large valuations.
Mynt’s expected market capitalization at listing is ₱668.96 billion, far above the ₱200 billion threshold referenced in the circular. The lower float approval is described as a first under that framework.
Banks, backers and what comes next
Mynt has lined up a broad syndicate to support the transaction. BPI Capital Corporation and BDO Capital & Investment Corporation are leading the domestic side, while Jefferies, CLSA, HSBC, Morgan Stanley, J.P. Morgan and UBS AG are handling international distribution and bookrunning.
The IPO is also a liquidity event for key shareholders including Globe Telecom, Ayala Corporation, Ant International, MUFG Bank and Mitsubishi Corporation. Beyond its G-Xchange e-wallet operations, Mynt also runs lending arm Fuse Financing.
The next confirmed milestones are the October 6 to 12 offer period and the planned October 20 debut on the PSE. The source article also noted that while analysts expect strong retail interest, some institutional fund managers may rebalance existing local equity positions ahead of the listing to make room for the deal.
Source: bitpinas.com