THE Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) of Mynt Inc., the parent company of GCash, paving the way for what could be a P92.32-billion listing and making it the first issuer to take advantage of the regulator’s lower public-float requirement for large companies.
The SEC en banc on Thursday resolved to render effective Mynt’s registration statement covering up to 66.9 billion common shares, subject to the company’s compliance with certain remaining requirements.
Under the approval, Mynt was granted a minimum initial public float of 12 percent, below the standard 15-percent requirement, under SEC Memorandum Circular 11, Series of 2026.
The new rule allows the SEC, upon the recommendation of the Philippine Stock Exchange (PSE), to approve a lower public float for issuers with exceptionally large expected market capitalizations at the time of listing.
Mynt’s expected initial market capitalization is P668.96 billion, well above the P200-billion threshold set under the new rules.
The approval makes Mynt the first company to benefit from the SEC’s revised public ownership framework, which provides greater flexibility for exceptionally large issuers seeking to list on the local exchange.
Mynt plans to offer up to 1.61 billion common shares through a primary offering, while up to 6.42 billion shares will be offered and sold by a selling shareholder.
The offering also includes an overallotment option of up to 1.20 billion shares. The shares will be offered at a maximum price of P10 each.
Assuming full exercise of the overallotment option, Mynt expects to raise up to P89.25 billion in net proceeds from the total offering.
About P14.95 billion of the net proceeds from the primary offering will be used to support the company’s digital financial services growth, product development and general corporate purposes.
The offer period is scheduled for Oct. 6 to 12, with Mynt targeting its listing on the PSE Main Board on Oct. 20 under the ticker symbol “GCASH.”
Mynt has appointed BPI Capital Corp. and BDO Capital & Investment Corp. 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, while Morgan Stanley & Co. International PLC, JP Morgan Securities PLC and UBS AG Singapore Branch will act as joint global coordinators and joint bookrunners.
