The Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) of Mynt, the parent company of GCash, paving the way for the fintech giant’s planned listing on the Philippine Stock Exchange (PSE).
In a statement, the SEC said its en banc approved the registration statement covering the offer and registration of up to 66.9 billion common shares of Mynt.
Under the offering, Mynt will issue up to 1.61 billion common shares as part of the primary offering, while selling shareholders may offer up to 6.42 billion shares. The shares will be priced at up to P10 each.
The offering also includes an overallotment option of up to 1.20 billion shares. If fully subscribed, Mynt could raise as much as P89.25 billion from the total offering.
Of this amount, Mynt expects to receive approximately P14.95 billion in net proceeds from the primary offering. The company plans to use the funds to support the expansion of its digital financial services, product development, and other general corporate purposes.
The IPO offer period is scheduled to run from October 6 to 12, with the shares set to be issued and listed on the PSE main board on October 20. Mynt will trade under the ticker symbol GCASH.
The SEC also approved Mynt’s request for a reduced minimum public float of 12%. Under SEC Memorandum Circular No. 11, Series of 2026, the regulator may allow a lower public float requirement for issuers with exceptionally large expected market capitalizations at the time of listing.
Mynt is expected to have an initial market capitalization of approximately P668.96 billion upon listing, well above the P200-billion threshold set under the memorandum.
GCash, which began in 2004 as an SMS-based local money remittance service, has since evolved into one of the Philippines’ largest fintech platforms. The company offers a broad range of digital financial services, including payments, lending, savings, and investment products for consumers and businesses.
Mynt’s valuation doubled to $5 billion in 2024 following fresh investments from Ayala Corp. and Mitsubishi UFJ Financial Group, further strengthening its position in the country’s rapidly growing digital financial services sector.
