Mynt Inc., the operator of GCash, has received approval from the Philippine Stock Exchange (PSE) for its initial public offering, moving the fintech firm closer to what could become one of the largest listings in Philippine history.
The PSE said in an advisory on Friday that it had approved Mynt’s application to list its common shares on the exchange’s Main Board, covering the shares to be offered through the IPO. Ayala Corp. and Globe Telecom Inc., which both hold stakes in Mynt, confirmed in separate statements that the company received the PSE’s Notice of Approval on September 17.
For Filipino investors and the roughly 90 million registered GCash users, the approval marks a concrete step toward a listing that market watchers have anticipated for months. GCash competes with Maya, UnionBank, and other digital finance platforms in a market where mobile wallets have become the default way many Filipinos send money, pay bills, and access credit.
Mynt’s IPO, priced at up to ₱10 per share, consists of firm shares of up to 8,027,409,600 common shares – made up of up to 1,605,481,900 primary shares and up to 6,421,927,700 secondary shares – plus an overallotment option of up to 1,204,111,400 secondary shares. Based on Mynt’s earlier SEC filing, the offer could raise as much as ₱92.32 billion and value the company at roughly ₱669 billion.
The PSE clarified that its approval covers only the conduct of the IPO and the listing of shares, and remains subject to Mynt’s compliance with post-approval requirements from the exchange, the Securities and Exchange Commission, and other regulators. The company has yet to receive the SEC’s Permit to Sell.
The offer period is set to run from October 6 to 12, with listing on the PSE Main Board under the ticker “GCASH” targeted for October 20. Existing shareholders would retain about 88 percent of the company after the base offer, or roughly 86.2 percent if the overallotment option is fully exercised.
Speaking at the Kapihan sa Manila Bay media forum, capital market expert Jonathan Ravelas said investors should look past the ceiling price and focus on the outcome of the book-building process. “The P10 is a ceiling, not a promise, and certainly not a measure of whether the IPO succeeds or fails. Price discovery is precisely what book-building is for,” Ravelas said.
Mynt has said the offer would represent 12 to 13.8 percent of its post-IPO shares. The company has described the listing as a test of investor appetite for Philippine fintech, saying it could show “whether Philippine investors are ready to support a broader generation of fintech and digital-economy companies seeking long-term capital through the public market.”
The PSE said it will keep the investing public updated on further developments ahead of the targeted October 20 listing.
