The Philippine Securities and Exchange Commission has cleared the initial public offering of Mynt, the operator of the country's largest mobile wallet GCash, in a deal that could raise up to PHP 92.32 billion. The regulator approved the registration statement covering as many as 66.9 billion common shares on 3 September 2026, with the clearance reported on 5 September ahead of a target listing on 20 October.
The shares will trade on the Philippine Stock Exchange under the ticker GCASH, following an offer period running from 6 to 12 October 2026. At the top of the indicative deal size, the offering would give Mynt an initial market capitalisation of PHP 668.96 billion, ranking it among the largest domestic listings ever priced in the Philippines.
LARGEST PHILIPPINE FLOTATION
The transaction will proceed with a public float of 12%, taking advantage of lower float requirements introduced under SEC Memorandum Circular 11, Series of 2026. Mynt becomes the first issuer to use the reduced float rules for large listings, a framework the regulator adopted to encourage bigger domestic companies to seek a public quotation.
GCash has grown to dominate the Philippines' digital payments market, providing millions of Filipinos with mobile money services, remittances, credit and micro-investment products. The listing of parent Mynt gives public market investors direct exposure to the country's fintech expansion for the first time at scale.
The deal size compares with the largest previous domestic offerings on the Philippine Stock Exchange and positions Manila alongside other Southeast Asian markets that have hosted major fintech listings in recent years. Bookrunners will formalise pricing after the close of the offer period on 12 October.
The PHP 92.32 billion deal size, covering as many as 66.9 billion common shares under the registration statement approved on 3 September, gives the offering considerable scale to absorb both domestic and foreign institutional demand. The implied initial market capitalisation of PHP 668.96 billion places Mynt in the top tier of Philippine listed companies from day one.
REGULATORY AND MARKET SET-UP
The Philippine SEC's approval of Mynt's registration statement marks a milestone for the country's capital markets, which have sought to attract more high-growth technology issuers alongside their traditional base of conglomerate holdings and property companies. Memorandum Circular 11 introduced the flexibility on public float for issuers meeting certain size thresholds, addressing concerns that the standard 20% requirement had deterred large-cap listings.
By reducing the mandatory float to 12%, Mynt's controlling shareholders retain a larger post-IPO stake while still opening the register to public and institutional investors. Existing backers of the fintech, which include a mix of domestic conglomerates and foreign strategic and financial investors, are expected to be among those tendering shares into the offering.
The listing timetable now points to trading debut on 20 October 2026, when GCASH will begin trading on the Philippine Stock Exchange's main board. The success of the offering will be closely watched as a bellwether for future large-cap Philippine flotations under the revised float framework.
With the SEC's approval of the registration statement on 3 September and the target listing set for 20 October, the intervening weeks give investors and bookrunners time to complete roadshows, allocate the offering and finalise the price within the indicative range implied by the deal size. The offer period from 6 to 12 October will define the window for retail and institutional subscription ahead of allocation.