The Philippine Securities and Exchange Commission has cleared the proposed initial public offering of Mynt, the operator of GCash, for an offer worth up to PHP 92.32 billion ($1.5 billion).
In an official announcement, the regulator said its commission en banc resolved on September 3 to render effective Mynt’s registration statement covering up to 66.9 billion common shares, subject to the company’s compliance with remaining requirements.
The decision advances what could become the Philippines’ largest initial public offering. It follows Mynt’s earlier board and shareholder authorization to pursue a listing and its filing of a registration statement and listing application in June.
A 12 percent public float
The SEC granted Mynt’s request for a minimum initial public float of 12 percent, below the standard 15 percent requirement for large issuers. The exemption was made under SEC Memorandum Circular No. 11, Series of 2026, which allows the regulator to approve a lower float for an issuer with an exceptionally large expected market capitalization, based on a recommendation from the Philippine Stock Exchange.
Mynt expects an initial market capitalization of PHP 668.96 billion at listing, according to information the company submitted to the regulator. That is above the PHP 200 billion threshold for the lower public-float treatment.
The planned offer consists of up to 1.61 billion new common shares to be issued by Mynt and up to 6.42 billion existing shares to be sold by a shareholder. It also includes an overallotment option of up to 1.20 billion shares.
At the maximum indicative price of PHP 10 per share, the transaction could raise as much as PHP 92.32 billion if the overallotment option is fully exercised. The SEC said Mynt could receive about PHP 14.95 billion in net proceeds from the primary portion of the offer, which the company plans to use for digital financial services growth, product development and general corporate purposes.
The distinction matters because proceeds from the secondary shares would go to the selling shareholder rather than Mynt. The maximum offer price is also an indicative ceiling, not necessarily the final price investors will pay.
October listing remains conditional
The latest timetable submitted to the SEC calls for an offer period from October 6 to October 12, followed by a planned listing on the PSE Main Board on October 20 under the ticker GCASH. Those dates remain subject to completion of regulatory requirements and the final offer process.
GMA News reported that BPI Capital and BDO Capital & Investment will serve as domestic lead underwriters and joint bookrunners. Jefferies Singapore, CLSA and HSBC’s Singapore branch were named international joint bookrunners, while Morgan Stanley, J.P. Morgan Securities and UBS AG’s Singapore branch were named joint global coordinators and joint bookrunners.
The regulatory clearance is a separate milestone from Mynt’s June authorization to file for an IPO. It does not mean the shares have begun trading or that the transaction has closed. The company must still satisfy the conditions attached to the registration statement and complete the offer.
A major test for Philippine fintech
Mynt operates GCash through G-Xchange and also owns lending business Fuse Financing. Its shareholders include Globe Telecom, Ayala Corporation, Ant International and Japan’s MUFG.
The proposed listing would give public-market investors exposure to one of the Philippines’ largest digital financial services platforms. It would also test demand for a major Southeast Asian fintech offering at a time when companies in the region have faced more selective capital markets.
For the Philippine market, the deal would be the first to use the SEC’s lower public-float framework for exceptionally large issuers. Its final size, pricing and timetable will depend on the remaining regulatory steps and market conditions.