The Securities and Exchange Commission (SEC) has cleared the way for the largest initial public offering (IPO) in Philippine history. At its September 3 meeting, the SEC En Banc rendered effective the registration statement of Mynt, Inc. — the operator of GCash — covering up to 66.9 billion common shares, Fintech News Philippines reported. The offer could raise up to ₱92.32 billion, surpassing every previous listing on the Philippine Stock Exchange (PSE).
GCash shares will trade on the PSE main board under the ticker "GCASH." The approval came with conditions — the SEC rendered the statement effective subject to Mynt completing certain remaining requirements — but the calendar is now set: the offer period runs from October 6 to 12, with the listing on October 20. This follows the timetable adjustments reported in late August, which moved the offer into October.
What the SEC approved
The registration statement covers three blocks of shares, priced at up to ₱10 each, according to Newsbytes.PH:
- Up to 1.61 billion new common shares from Mynt itself (the primary offer)
- Up to 6.42 billion existing shares from a selling shareholder
- Up to 1.20 billion shares under an overallotment option, used when demand is strong
If the overallotment is fully exercised, net proceeds would reach about ₱89.25 billion. Mynt's own share from the primary offer is roughly ₱14.95 billion, which the company says will fund the growth of its digital financial services, product development, and general corporate purposes.
A first-ever 12% public float
The approval carries a precedent beyond its size. Mynt is the first company allowed to list with a minimum public float of 12%, below the standard 15%, under SEC Memorandum Circular No. 11, Series of 2026. The relaxed rule applies to exceptionally large issuers, and Mynt qualifies comfortably: its expected market capitalization of ₱668.96 billion is more than three times the ₱200-billion threshold set by the circular.
The public float is the portion of a company's shares available for ordinary investors to trade. A lower required float lets a very large company list without selling as big a slice of itself. For future Philippine unicorns weighing a local listing against an overseas one, the exemption shows the SEC is willing to adjust its rules to keep the country's biggest names on the PSE.
At up to ₱92.32 billion, the offer would also overtake Monde Nissin's ₱55.9-billion IPO in 2021 as the largest in Philippine market history.
Who is running the deal
The offer has an unusually deep bench of banks behind it. BPI Capital Corporation and BDO Capital & Investment Corporation are the domestic lead underwriters. Jefferies Singapore, CLSA, and HSBC Singapore serve as international joint bookrunners, while Morgan Stanley, J.P. Morgan Securities, and UBS act as joint global coordinators.
Why this matters if you use GCash
For the tens of millions of Filipinos who use GCash to pay bills, send money, and shop, the IPO will not change how the app works. What changes is ownership: the public will be able to buy a stake in the company behind the country's dominant e-wallet, starting at up to ₱10 per share during the October 6-12 offer period. Mynt has not yet announced the final offer price, which is typically set closer to the offer period. The listing will also put GCash's finances under public scrutiny every quarter — user numbers, transaction volumes, and profit will become regular public disclosures, giving Filipinos a much clearer view of the platform that handles a large share of the country's daily payments.
