GCash operator gets PSE nod for record P80.3B IPO

CEBU, Philippines — Mynt, the operator of Philippine fintech giant GCash, won approval from the Philippine Stock Exchange for its planned initial public offering, clearing a key hurdle toward what could become the biggest IPO in the bourse’s history.

The PSE approved Mynt’s application to list its common shares on the Main Board under the ticker “GCASH”, with the offering comprising as many as 8.03 billion shares.

The deal includes up to 1.61 billion primary shares and 6.42 billion secondary shares, with an overallotment option of as much as 1.20 billion additional secondary shares. The maximum offer price is set at P10 a share, implying a potential offering value of about P80.3 billion before the overallotment.

The final offer price is expected to be set on Oct. 1 following the book-building process. The public offer is scheduled for Oct. 6 to 12, with trading expected to begin on Oct. 20, subject to final regulatory and listing requirements.

“This highly anticipated IPO is poised to set the record as the largest public offering in PSE history,” PSE President and Chief Executive Officer Ramon S. Monzon said.

The listing would give investors direct access to Mynt, which operates GCash, the country’s largest digital financial platform, as the company expands beyond payments into savings, investments, credit, insurance and other financial services.

Proceeds from the primary offering will be used to support the expansion of Mynt’s digital financial services, product development and general corporate requirements, according to the PSE listing notice.

The IPO also reflects the growing role of digital finance in the Philippine capital market.

The PSE said Mynt’s listing could encourage more fintech and digital-economy companies to tap equities markets for funding.

Retail participation will be supported through “GStocks,” the stock-trading service available within the GCash app, while qualified small investors can subscribe through the PSE’s EASy platform.

Mynt earlier secured approval from the Securities and Exchange Commission for its registration statement.

The SEC allowed the company to have a 12 percent minimum public float, citing an expected initial market capitalization of about P668.96 billion.

That valuation would place Mynt among the Philippines’ largest listed companies by market capitalization, underscoring the scale of the planned transaction and the growing financial weight of the country’s digital economy.