The Philippine Stock Exchange (PSE) has given its approval for the public listing of Mynt Inc., the parent company of e-wallet giant GCash, paving the way for the largest initial public offering (IPO) in the nation’s history.
According to a notice from the local bourse, final pricing for the financial technology firm’s shares will be established on October 1 through a book-building process, aiming to secure up to ₱92.3 billion in capital.
The offer period is slated from October 6 to 12, with a target trading debut on the main board on October 20.
“We welcome this highly anticipated IPO, which is poised to set the record as the largest public offering in PSE history. I hope this landmark listing will pave the way for more fintech and digital economy firms to go public and raise capital through the equities market,” said PSE President and CEO Ramon Monzon.
“I am optimistic that this debut will drive strong market activity ahead of Q4. Considering that the IPO subscription will also be made available through GStocks in the GCash app, we expect to see a significant uptick in new retail investors,” he added.
Mynt plans to market up to 8.03 billion firm common shares with a maximum price cap of ₱10 per share. The core offer consists of 1.61 billion primary shares issued by the firm and 6.42 billion secondary shares from existing stockholders, along with an over-allotment option of up to 1.2 billion additional secondary shares.
Market observers emphasized that the ₱10 figure acts as a ceiling, with the final offer price to be determined based on institutional demand and prevailing market conditions. The total transaction will yield a public float between 12% and 13.8%.
The approval comes after the Securities and Exchange Commission (SEC) granted regulatory clearance under updated rules, which allow firms valued above ₱200 billion to list with a lowered minimum public ownership requirement of 12%. Mynt’s market valuation at listing is projected at roughly ₱668.96 billion.
BPI Capital and BDO Capital will serve as domestic lead underwriters. International joint bookrunners include Jefferies Singapore, CLSA, and HSBC Singapore, while Morgan Stanley, J.P. Morgan, and UBS Singapore act as joint global coordinators.
The listing gives local retail investors a chance to directly own a stake in the country’s dominant digital finance platform.