The Philippine Securities and Exchange Commission has approved the planned initial public offering of Mynt Inc., the operator and parent company of digital wallet GCash, paving the way for what could become the largest IPO in Philippine stock market history. The regulator approved Mynt’s registration statement covering up to 66.9 billion common shares, subject to the company completing the remaining regulatory requirements. The offering could raise as much as PHP 92.32 billion and is scheduled to culminate in a Philippine Stock Exchange listing in October 2026.
IPO Structure and Timeline
Under the proposed transaction, Mynt plans to issue up to 1.61 billion new common shares through the primary portion of the offering, while an existing shareholder will sell up to 6.42 billion shares. The transaction also includes an overallotment option covering as many as 1.20 billion additional shares, with the shares expected to be offered at a maximum price of PHP 10 each. Mynt's offer period is currently scheduled to run from October 6 through October 12, ahead of its planned October 20 debut on the PSE Main Board under the ticker symbol "GCASH."
If the overallotment option is exercised in full, the total offering could generate net proceeds of approximately PHP 89.25 billion, although the majority would be attributable to shares sold by the existing shareholder. Mynt itself expects to receive roughly PHP 14.95 billion in net proceeds from the primary issuance. The company intends to deploy those funds toward expanding its digital financial services, developing new products, and supporting general corporate purposes.
Lower Public Float Requirement
The IPO will also mark the first listing to benefit from recently introduced Philippine regulations allowing exceptionally large issuers to launch with a smaller public float. Mynt has received approval for an initial public float of 12%, below the usual 15% minimum set under SEC Memorandum Circular No. 11, Series of 2026. The regulatory framework permits the SEC, following a recommendation from the Philippine Stock Exchange, to approve a lower threshold for companies expected to enter the market with particularly large valuations.
Mynt expects to achieve an initial market capitalization of approximately PHP 668.96 billion when its shares begin trading. That projected valuation is substantially above the PHP 200 billion threshold used to determine eligibility for the reduced public float requirement. The exemption gives Mynt greater flexibility in structuring the IPO while still bringing a significant portion of the company into public ownership.
Banking and Advisory Team
Several major financial institutions have been appointed to manage the planned offering across domestic and international markets. BPI Capital Corp. and BDO Capital & Investment Corp. will act as domestic lead underwriters and joint bookrunners, while Jefferies Singapore Ltd., CLSA Ltd., and HSBC's Singapore branch will serve as international joint bookrunners. Morgan Stanley, J.P. Morgan, and UBS have also been appointed as joint global coordinators and joint bookrunners for the transaction.
The scale of the underwriting syndicate reflects the significance of the planned listing and Mynt's efforts to attract both Philippine and international institutional investors. GCash has grown into one of the country's most prominent digital financial platforms, providing mobile payments and other financial services to consumers and businesses. A successful listing would therefore bring one of the Philippines' best-known fintech businesses onto the domestic public market.
The SEC's approval represents a major regulatory milestone for Mynt as it advances toward its planned October listing. With an offering potentially worth more than PHP 92 billion and an expected market capitalization approaching PHP 669 billion, the transaction could set a new benchmark for Philippine IPO activity. The remaining process will now focus on satisfying final regulatory conditions, completing the offer, and bringing GCash shares to the Philippine Stock Exchange under the "GCASH" ticker.