GCash parent Mynt, Inc. has secured approval from the Philippine Stock Exchange (PSE) for its initial public offering, putting the fintech company on track for a tentative October 20 listing under the stock symbol GCASH.
Mynt plans to offer up to 8.03 billion primary and secondary common shares, with an overallotment option of up to 1.20 billion additional secondary shares. The shares have a maximum offer price of PHP 10 each, putting the potential maximum deal size at about PHP 92.3 billion.
The final offer price is scheduled to be set on October 1, followed by an offer period from October 6 to 12.
The PSE approval is not yet the final regulatory step. Mynt still needs to satisfy remaining conditions and secure a Permit to Sell from the Securities and Exchange Commission (SEC) before shares can be offered to investors.
Most of the IPO also represents shares being sold by existing investors rather than fresh capital going to Mynt. Of the maximum 8.03 billion firm offer shares, about 1.61 billion are newly issued primary shares, while around 6.42 billion are secondary shares held by existing shareholders. The overallotment option also consists entirely of secondary shares.
At the PHP 10 maximum price, the newly issued shares would raise about PHP 16.05 billion gross for Mynt before expenses. The company’s projected post-offer share count would value Mynt at roughly PHP 669 billion if the IPO prices at the ceiling.
For ordinary GCash users, the listing itself does not change how their wallet works or turn their GCash balance into shares. Investors buying GCASH will instead own shares in Mynt, the parent company whose businesses include the GCash wallet, lending, investments and other financial services.
Retail investors will also be able to subscribe through GStocks inside the GCash app, alongside other available channels such as PSE EASy. Buying shares will still require a brokerage account, and IPO applications are subject to allocation.