The planned initial public offering (IPO) of Mynt Inc., the parent company of GCash, is being viewed by the Securities and Exchange Commission (SEC) as a major development that could demonstrate the capacity of the Philippine capital market to handle large-scale fundraising.
The offering is expected to raise between ₱75 billion and ₱80 billion, potentially making it the largest fundraising transaction in the history of the Philippine Stock Exchange (PSE).
Mynt and its selling shareholders plan to offer 9.2 billion shares at a maximum price of ₱10 each. Market indications, however, point to a possible final offer price of between ₱7.50 and ₱8.50 per share.
Existing shareholders, who collectively own 90% of Mynt, are not selling their holdings as part of the planned offering.
SEC Chairman Francis Lim said the size of the IPO could encourage more companies to tap the stock market to raise funds and support business expansion.
“An offering of this magnitude is a most welcome development. It demonstrates that the Philippine capital market has the capacity to absorb sizeable equity transactions and mobilize investor demand at scale—sending a strong signal to other companies considering the capital markets as a means of raising capital and expanding their businesses,” Lim said.
Lim also pointed to GCash’s large customer base, saying the offering could provide an opportunity to encourage more Filipinos to participate in the investment market.
He described GCash’s “broad and diverse user base” as “a unique opportunity to deepen retail participation and bring more Filipinos into the capital market as investors and shareholders, not merely as users of financial services.”
“The SEC welcomes this offering as part of our continuing efforts to make the Philippine capital market deeper, more inclusive, and more competitive. In this context, we hope that the IPO will be priced at a level that provides meaningful upside potential for both local and foreign participants,” he added.
Japhet Tantiangco, research manager at Philstocks Financial, said successful IPOs and other major fundraising activities in the coming months could contribute to stronger trading activity in the local stock market toward the end of the year.
Tantiangco said investors are closely monitoring large primary-market offerings, particularly Mynt and Vitro REIT, which could influence market sentiment ahead of the traditional December “Santa Claus” rally.
“Investors are really looking forward to these IPOs. If they perform well upon entering the market, they could revive investor sentiment and spur greater market participation,” Tantiangco said.
Mynt is scheduled to conduct its public offering from October 6 to 12, with the final offer price expected to be set on October 1.
The company is targeting its PSE listing on October 20 under the ticker symbol “GCASH.”