Philippine regulator clears GCash parent for $1.48b IPO

It also approved a lower minimum ​initial public float of 12% instead of 15%.

The Philippine Securities and Exchange Commission has approved the initial public offering of Mynt, Inc, parent company of GCash, for up to $1.48 (P92.32b).

The company will offer up to 1.61 billion common shares as part of the primary offer,  whilst up to  6.42  billion shares will be offered and sold by a selling shareholder. The offer also includes an overallotment option of up to 1.20 billion shares.

The Philippine regulator has also approved Mynt’s request for a lower minimum initial public float of  12%—as opposed to 15%—in accordance with SEC Memorandum Circular No. 11, Series of 2026 (MC 11), or the Minimum Public Ownership Rules for Issuers of Shares of Stock to be Listed on an Exchange.

Under  MC  11,  the  Commission  may  approve,  upon  recommendation  of  the Philippine Stock Exchange (PSE), the lowering of the public float of issuers with exceptionally large expected market capitalisation at the time of listing.

Mynt’s  expected  initial  market  capitalization  upon  listing  is $10.71b (P668.96b), according to data submitted to the SEC as part of its registration. This exceeds the $3.2b (P200b) initial market capitalisation threshold under MC 11.

The shares will be sold at up to $0.16 (P10) apiece, with Mynt expecting to net up to $1.43b (P89.25b) from the total offer.