It is the first company to take advantage of the commission’s lower public float requirements for large issuers.
According to the statement issued by the Securities and Exchange Commission (SEC), its En Banc has “considered favorably” the Initial public offering (IPO) of Mynt, Inc., the parent firm of e-wallet platform GCash.
The said IPO, worth up to PHP92.32 billion, saw Mynt register up to 66.9 billion common shares, subject to the company’s compliance with certain remaining requirements.
“The clearance of the Mynt’s IPO includes the grant of its request for a lower minimum initial public float of 12 percent as opposed to 15 percent-in accordance with SEC Memorandum Circular No. 11, Series of 2026 (MC 11), or the Minimum Public Ownership Rules for Issuers of Shares of Stock to be Listed on an Exchange,” the commission noted.
In the previously released memorandum, the Commission has the power to approve, upon recommendation of the Philippine Stock Exchange (PSE), the lowering of the public float of issuers with exceptionally large expected market capitalization exceeding PHP200 billion initial market capitalization threshold at the time of listing.
Mynt falls within this bound as it is expected yo have an initial market capitalization upon listing of PHP668.96 bilion, according to data submitted to the SEC as part of its registration.
“The company will offer up to 1.61 billion common shares as part of the primary offer, while up to 6.42 billion shares will be offered and sold by a seling shareholder. The offer also includes an overallotment option of up to 1.20 billion shares. The shares will be sold at up to P10 apiece,” the SEC noted.
Assuming the overallotment option is oversubscribed, the company looks to net up to P89.25 billion from the total offer, the commission also stated.
Meanwhile, about PHP14.95 billion worth of net proceeds from the primary offer will be used for digital financial services growth, product development, and general corporate purposes.
The offer period will run from October 6 to 12, which is in time for the issuance and listing of the company on the Main Board of the PSE under the ticker “GCASH” on October 20.
For the entire year of 2025, GCash said it has served 39.1 million monthly active users and has processed PHP17.0 trillion in payment solutions gross transaction value with 56.7 million daily average transactions.
That same year, Mynt reported revenues reached PHP79.8 billion, while its net income went to PHP17.2 billion.
Apart from GCash, Mynt also operates G-Xchange, Inc., the payments company for GCash responsible for the digital payments and electronic money activities in the GCash app, and Fuse Financing, Inc., the financing company for GCash that provides a range of fair and digitally-enabled credit products and solutions.
Martha Sazon, President and CEO of Mynt, said in her prior statement, “Over the past decade, Mynt has evolved from an e-wallet operator into the Philippines’ number one finance superapp and largest cashless ecosystem.”
The executive also told that the authorization of the Board and shareholders allows the company to work toward the public listing, which she described as the “next step” in Mynt’s growth journey.
