The Securities and Exchange Commission (SEC) has greenlit the initial public offering (IPO) of Mynt Inc., the parent entity behind financial technology platform GCash, clearing the path for what could become the largest stock market debut in domestic history.
The proposed transaction carries a total value of up to ₱92.32 billion. The milestone approval marks Mynt as the first corporate issuer to utilize the SEC’s revised public-float guidelines, tailored specifically to accommodate massive market cap entries into the local bourse.
During a meeting on September 3, the SEC En Banc rendered effective Mynt’s registration statement covering up to 66.9 billion common shares, contingent on the company fulfilling standard technical requirements.
Eased Public Ownership Rules
Under SEC Memorandum Circular No. 11, Series of 2026, the commission approved Mynt’s request to lower its initial public ownership requirement to a 12% minimum—down from the standard 15% threshold.
The relaxed regulatory framework permits the SEC, based on recommendations from the Philippine Stock Exchange (PSE), to adjust public ownership rules for enterprises anticipating extraordinary valuation upon listing.
Regulatory filings indicate Mynt is projected to achieve an initial market capitalization of roughly ₱668.96 billion, comfortably surpassing the rule’s ₱200-billion benchmark.
The high-profile listing has already sparked market activity. Institutional investors have engaged in short-term technical selling to accumulate liquidity ahead of the public offer, according to market insights provided by COL Financial Chief Equity Strategist April Tan.
Offer Terms and Listing Schedule
Mynt’s capital-raising plan consists of a primary tranche of up to 1.61 billion newly created common shares, accompanied by up to 6.42 billion existing shares offered by current stockholders. An additional overallotment provision of up to 1.2 billion shares has also been set aside, with the offer price capped at ₱10 per share.
Should the overallotment option be fully claimed, net capital generation from the transaction is projected at ₱89.25 billion. Approximately ₱14.95 billion of the net funds raised via the primary offering will directly finance the expansion of Mynt’s digital financial offerings, product development, and general corporate needs.
Based on the updated timeline, the subscription window is set to run from October 6 to October 12, culminating in the official trading debut on the PSE Main Board on October 20 under the stock symbol “GCASH”.
BPI Capital Corporation and BDO Capital & Investment Corporation have been designated as domestic lead underwriters and joint bookrunners.
On the international front, Jefferies Singapore Ltd., CLSA Ltd., and HSBC’s Singapore branch will manage international bookbuilding, while Morgan Stanley & Co. International Plc, J.P. Morgan Securities plc, and UBS AG (Singapore Branch) serve as joint global coordinators and joint bookrunners.