The Philippine Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) of Mynt Inc, the parent company of mobile wallet operator GCash, for up to 92.32 billion (about $1.5 billion).
The approval marks the first company in the Philippines to take advantage of the SEC’s lower public float requirements for large issuers, according to the announcement.
The SEC En Banc resolved on Sept. 3 to render effective Mynt’s registration statement covering up to 66.9 billion common shares, subject to compliance with remaining technical requirements.
The SEC granted Mynt’s request to lower its minimum initial public float to 12% from the standard 15%, adhering to SEC Memorandum Circular No. 11, Series of 2026.
The framework allows the commission, following recommendations from the Philippine Stock Exchange, to ease public float requirements for companies boasting exceptionally large market capitalization upon listing.
Mynt’s expected market cap at listing is 668.96 billion pesos, based on regulatory filings, far exceeding the 200 billion pesos threshold required under the rule.
Mynt plans to offer up to 1.61 billion primary shares, while a selling shareholder will offer up to 6.42 billion shares. The IPO also includes an overallotment option of up to 1.20 billion shares, priced at a maximum of 10 pesos each.
The company could net up to 89.25 billion pesos from the overall offering if the overallotment option is fully exercised, per the announcement.
The offer period is scheduled for Oct. 6-12, with Mynt targeting an Oct. 20 debut on the Philippine Stock Exchange’s Main Board under the ticker “GCASH”.
Mynt is backed by Globe, Ayala Corp, and China’s Ant International. It operates GCash through G-Xchange and offers lending products through Fuse Financing.
The company posted record quarterly revenue in the three months to June, ahead of its planned blockbuster listing.
In its Q2 earnings report, Globe, Mynt’s parent company, said the operator of the Philippine e-wallet major generated 22.4 billion pesos ($384 million) in revenue in the April-June quarter, its highest quarterly revenue on record.
If the listing goes ahead, it would not only be the Philippines’ biggest ever, surpassing the $1-billion IPO of food company Monde Nissin in 2021, but could also reshape exit possibilities in the local startup ecosystem.
