The Securities and Exchange Commission (SEC) has approved the planned initial public offering of GCash operator Mynt Inc., which could raise as much as P92.32 billion.
The SEC en banc on Sept. 3 approved Mynt’s registration statement covering up to 66.9 billion common shares, subject to the company’s compliance with remaining regulatory requirements.
Mynt plans to offer up to 1.61 billion new common shares, while a selling shareholder will offer up to 6.42 billion existing shares. The transaction also includes an overallotment option covering as many as 1.20 billion shares.
The shares will be priced at up to P10 each.
The SEC said the total offer could generate net proceeds of up to P89.25 billion if the overallotment option is fully exercised. Mynt itself expects to receive about P14.95 billion from the primary offering, with the funds earmarked for the expansion of digital financial services, product development and general corporate purposes.
The offer period is scheduled for Oct. 6 to 12, followed by the issuance and listing of the shares on the main board of the Philippine Stock Exchange on Oct. 20. Mynt will trade under the ticker symbol “GCASH.”
Mynt is the first company allowed by the SEC to use the lower minimum initial public float requirement for large issuers.
The regulator approved a 12% initial public float for Mynt, below the usual 15%, under SEC Memorandum Circular No. 11, Series of 2026.
The rules allow the SEC, upon the recommendation of the PSE, to lower the public float requirement for companies expected to have an exceptionally large market capitalization upon listing.
Mynt expects to have an initial market capitalization of P668.96 billion, more than three times the P200-billion threshold set by the SEC.
BPI Capital Corp. and BDO Capital & Investment Corp. will serve as domestic lead underwriters and joint bookrunners.
Jefferies Singapore Ltd., CLSA Ltd. and the Singapore branch of The Hongkong and Shanghai Banking Corp. Ltd. will act as international joint bookrunners.
Morgan Stanley & Co. International PLC, J.P. Morgan Securities plc and UBS AG Singapore Branch will serve as joint global coordinators and joint bookrunners.
