SEC clears GCash operator Mynt’s PHP 92.32 billion IPO

MANILA, Philippines — The Securities and Exchange Commission has cleared GCash operator Mynt Inc. to pursue an initial public offering of up to PHP 92.32 billion, putting the fintech company on track for what could become the largest IPO in Philippine stock market history.

The transaction would also make Mynt the first company to use the SEC’s lower public-float requirement for exceptionally large issuers, a regulatory change intended to make large listings more feasible without requiring the domestic market to absorb an unusually large block of shares at once.

The Commission En Banc resolved at its Sept. 3, 2026, meeting to render effective Mynt’s registration statement covering up to 66.9 billion common shares, subject to compliance with remaining requirements.

The SEC announced the approval in a press release dated Sept. 4.

Mynt secured approval for a minimum initial public float of 12%, below the standard 15% requirement for large issuers under SEC Memorandum Circular No. 11, Series of 2026.

Public float refers to shares available for ownership and trading by public investors rather than shares held by controlling or strategic shareholders.

Under MC No. 11, the SEC may, upon the recommendation of the Philippine Stock Exchange, permit an exceptionally large issuer to have a lower public float.

Mynt expects an initial market capitalization of PHP 668.96 billion upon listing, well above the PHP 200 billion threshold set under the rules.

The lower float is significant because an IPO of Mynt’s size requires the Philippine market to absorb tens of billions of pesos in new and existing shares.

Ron Acoba, chief investment strategist at Trading Edge, said the regulatory adjustment was important for an offering of this scale.

“This comes as no surprise. It’s been announced way beforehand that the SEC was revising its float requirements lower, precisely to accommodate big IPOs, such as Mynt,” Acoba said.

Without the reduction in the minimum float requirement, Acoba estimated Mynt would have needed to sell PHP 133.79 billion worth of shares at PHP 10 each, an amount he said the market would not be able to absorb.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the IPO could signal stronger confidence in the Philippine stock market’s ability to raise large amounts of capital from both domestic and international investors.

“There would be relatively large inflows of foreign investments/buyers that would convey their US dollars to pesos to be invested in the local stock market,” Ricafort said. “This could also help increase local stock market trading and activities.”

Under the proposed offer, Mynt will sell up to 1.61 billion newly issued common shares through the primary offering.

A selling shareholder will separately offer up to 6.42 billion existing shares.

The transaction also includes an overallotment option covering up to 1.20 billion shares.

The shares may be sold for a maximum of PHP 10 each, although the final offer price has yet to be determined.

At the maximum size, the transaction could reach gross proceeds of PHP 92.32 billion.

Assuming the overallotment option is oversubscribed, Mynt expects to net up to PHP 89.25 billion from the total offer.

Only around PHP 14.95 billion in net proceeds from the primary offering is expected to go directly to Mynt.

The company plans to use those proceeds for digital financial services growth, product development, and general corporate purposes.

The distinction between primary and secondary shares is important because proceeds from newly issued primary shares go to Mynt, while proceeds from the sale of existing shares go to the selling shareholder.

Mynt plans to conduct the public offer from Oct. 6 to 12.

The company is targeting an Oct. 20 listing on the PSE Main Board under the ticker symbol “GCASH.”

If completed at its maximum PHP 92.32 billion size, the offering would surpass the Philippine IPO record set by Monde Nissin Corp. in 2021.

Monde Nissin raised PHP 55.89 billion from primary and secondary shares in its 2021 listing.

For the Mynt offering, BPI Capital Corp. and BDO Capital & Investment Corp. have been tapped as domestic lead underwriters and joint bookrunners.

Jefferies Singapore Ltd., CLSA Ltd., and The Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch, will serve as international joint bookrunners.

Morgan Stanley & Co. International PLC, J.P. Morgan Securities plc, and UBS AG Singapore Branch will serve as joint global coordinators and joint bookrunners.

The scale of the transaction will test investor demand for one of the Philippines’ most prominent digital-finance businesses and the SEC’s new framework for bringing exceptionally large companies to the public market with a smaller initial percentage of shares in public hands.