The Philippine Securities and Exchange Commission (SEC) has approved an initial public offering (IPO) by Mynt Inc., operator of the GCash mobile wallet, that could raise up to 92.32 billion pesos ($1.6 billion), potentially making it one of the country’s largest-ever listings.
The regulator approved Mynt’s registration statement covering up to 66.9 billion common shares, subject to the company meeting remaining requirements, the SEC said.
Mynt plans to offer up to 1.61 billion primary shares, while a selling shareholder will offer up to 6.42 billion shares. The IPO includes an overallotment option of up to 1.20 billion shares, with the shares priced at a maximum of 10 pesos each.
The company expects about 14.95 billion pesos in net proceeds from the primary offering, which will be used to support growth in digital financial services, product development and general corporate purposes.
The offering is scheduled for Oct. 6-12, with Mynt targeting an Oct. 20 debut on the Philippine Stock Exchange’s Main Board under the ticker “GCASH”.
The IPO will make Mynt the first company to benefit from the SEC’s new lower public-float requirements for large issuers. The regulator granted Mynt a minimum initial public float of 12%, compared with the usual 15%.
Mynt expects a market capitalisation of 668.96 billion pesos upon listing, above the 200-billion-peso threshold required for the lower float requirement.
The listing follows years of rapid growth for Mynt, which was valued at $5 billion in 2024 after investments from Japan’s Mitsubishi UFJ Financial Group and Philippine conglomerate Ayala Corp, more than doubling its $2 billion valuation in 2021.
Mynt’s businesses include G-Xchange, which operates GCash, and lending platform Fuse. GCash offers services spanning payments, money transfers, lending, investments and insurance.
The company formally submitted its IPO registration statement to the SEC and listing application to the PSE in June after its board and shareholders authorised the proposed offering.