Philippines SEC clears Mynt's up to $1.5 billion GCash IPO

The Philippines' securities regulator cleared GCash parent Mynt's initial public offering, a deal worth up to ₱92.32 billion ($1.5 billion) that would become the country's largest-ever listing.

The commission en banc resolved Sept. 3 to render effective Mynt's registration statement covering up to 66.9 billion common shares, subject to the company meeting remaining requirements, the Securities and Exchange Commission said in an announcement. Globe Telecom, Mynt's controlling shareholder, disclosed the clearance Monday.

The offer comprises up to 1.61 billion new shares issued by Mynt and up to 6.42 billion existing shares sold by a shareholder, plus an overallotment option of up to 1.20 billion shares. At the maximum indicative price of ₱10 per share, the transaction could raise ₱92.32 billion if the option is fully exercised, with Mynt receiving about ₱14.95 billion in net proceeds from the primary portion.

The listing would give public investors exposure to one of the Philippines' largest digital financial platforms and test demand for a major Southeast Asian fintech offering at a time when regional capital markets have turned more selective. Mynt expects an initial market capitalization of ₱668.96 billion, and the deal marks the first use of the SEC's lower public-float framework for exceptionally large issuers.

A 12 percent float, below the standard

The SEC granted Mynt's request for a minimum initial public float of 12 percent, under the standard 15 percent requirement for large issuers. The concession came under SEC Memorandum Circular No. 11, Series of 2026, which lets the regulator approve a lower float for an issuer with an exceptionally large expected market capitalization, based on a recommendation from the Philippine Stock Exchange. Mynt's projected ₱668.96 billion valuation clears the circular's ₱200 billion threshold for the treatment.

The distinction between the primary and secondary portions matters for where proceeds land. Money raised from the 1.61 billion new shares flows to Mynt, which plans to deploy the roughly ₱14.95 billion toward digital financial services growth, product development and general corporate purposes. Proceeds from the 6.42 billion existing shares go to the selling shareholder rather than the company. The ₱10 maximum price is an indicative ceiling, not necessarily the final price investors pay.

October 20 debut on the PSE Main Board

The latest timetable submitted to the SEC calls for an offer period from Oct. 6 to Oct. 12, followed by a planned listing on the PSE Main Board on Oct. 20 under the ticker GCASH. Those dates remain conditional on completion of regulatory requirements and the final offer process.

Mynt assembled a heavy roster of banks to execute the issuance. BPI Capital and BDO Capital & Investment serve as domestic lead underwriters and joint bookrunners, while Jefferies Singapore, CLSA and HSBC's Singapore branch were named international joint bookrunners. Morgan Stanley, J.P. Morgan Securities and UBS AG's Singapore branch act as joint global coordinators and joint bookrunners.

The regulatory clearance is a separate milestone from Mynt's June authorization to pursue a listing and its filing of a registration statement and listing application that month. It does not mean shares have begun trading or that the transaction has closed; the company must still satisfy the conditions attached to the registration statement and complete the offer.

Mynt operates GCash through G-Xchange and also owns lending business Fuse Financing. Its shareholders include Globe Telecom, Ayala Corporation, Ant International, Japan's MUFG and Mitsubishi Corporation. The proposed listing would hand public-market investors a direct stake in the country's most ubiquitous financial app, which spans digital payments, remittances, micro-lending and investment products.

For the Philippine market, the deal would be the first to use the SEC's lower public-float framework for exceptionally large issuers. Its final size, pricing and timetable will depend on the remaining regulatory steps and market conditions, with institutional fund managers potentially rebalancing existing domestic stock positions ahead of Oct. 20 to free up liquidity for the record capital raise.

This article is for informational purposes only and does not constitute investment advice.