GCash IPO plans are moving closer to a stock-market debut after the Securities and Exchange Commission (SEC) approved Mynt Inc.’s registration for an offering that could reach P92.32 billion.
The approval covers up to 66.9 billion common shares, subject to Mynt completing its remaining regulatory requirements. The planned listing would make GCash one of the biggest companies to enter the Philippine Stock Exchange (PSE).
GCash IPO gets green light under new listing rule
The GCash IPO will also mark the first time a large issuer can list with a minimum public float of 12%, lower than the usual 15% requirement.
Mynt qualifies for the new rule because its expected market capitalization is about P668.96 billion, well above the P200-billion threshold set for the exemption.
The planned offering includes up to 1.61 billion new common shares and up to 6.42 billion existing shares to be sold by an existing shareholder. An overallotment option could add another 1.20 billion shares.
With the shares priced at up to P10 each, the total transaction could reach P92.32 billion.
The deal could generate as much as P89.25 billion in net proceeds. Mynt is expected to receive about P14.95 billion from the sale of new shares, which it plans to use to expand its digital financial services, develop new products, and support general corporate requirements.
When will the GCash IPO happen?
The GCash IPO is scheduled to move into its offer period from October 6 to 12, giving investors their window to participate in what could become one of the Philippine market’s largest listings.
Mynt is targeting an October 20 debut on the PSE Main Board under the ticker symbol GCASH.
BPI Capital Corp. and BDO Capital & Investment Corp. will serve as domestic lead underwriters and joint bookrunners. International financial institutions including Jefferies Singapore, CLSA, and HSBC’s Singapore branch will also participate in the offering.
Morgan Stanley, J.P. Morgan, and UBS will act as joint global coordinators and joint bookrunners.
A major step for Philippine fintech
The SEC approval puts the GCash IPO significantly closer to becoming a reality after years of preparations and investor interest surrounding the country’s largest e-wallet.
For the Philippine fintech industry, the listing could also serve as a major test of how public-market investors value a digital financial services company that has expanded beyond payments into lending, savings, investments, insurance, and other financial products.
If completed as planned, GCash’s stock-market debut will give investors a new way to participate in one of the most prominent digital finance businesses in the country.
