The Securities and Exchange Commission (SEC) has approved the initial public offering of Mynt, Inc., the parent company of GCash, for up to PHP 92.32 billion.
Mynt becomes the first company to use the Commission’s lower public float requirement for large issuers.
At a meeting on September 3, the SEC En Banc resolved to render effective Mynt’s registration statement, covering up to 66.9 billion common shares, subject to the company meeting certain remaining requirements.
Lower Public Float
The SEC granted Mynt’s request for a reduced minimum public float of 12%, instead of the standard 15%.
It falls under SEC Memorandum Circular No. 11, Series of 2026 (MC 11). This is the Minimum Public Ownership Rules for Issuers of Shares of Stock to be Listed on an Exchange.
MC 11 lets the SEC lower the public float requirement for issuers with an exceptionally large expected market capitalisation at listing. This is based on the Philippine Stock Exchange’s (PSE) recommendation.
Mynt’s expected initial market cap of PHP 668.96 billion far exceeds the PHP 200 billion threshold set under the rule.
Offer Details
The offer consists of up to 1.61 billion common shares through a primary offer. A selling shareholder will offer up to 6.42 billion shares, plus an overallotment option of up to 1.20 billion shares.
Mynt will price shares at up to PHP 10 each. If investors oversubscribe to the overallotment option, Mynt expects to net up to PHP 89.25 billion from the total offer.
This includes around PHP 14.95 billion in net proceeds from the primary offer. Mynt plans to use these proceeds for digital financial services growth, product development and general corporate purposes.
Mynt’s offer period will run from October 6 to 12. The company expects to list on the PSE Main Board under the ticker “GCASH” on October 20. It’s according to the latest timeline submitted to the Commission.
BPI Capital Corporation and BDO Capital & Investment Corporation will serve as domestic lead underwriters and joint bookrunners.
Jefferies Singapore, CLSA and HSBC’s Singapore branch will serve as international joint bookrunners, while Morgan Stanley, JP Morgan Securities and UBS AG’s Singapore branch will act as joint global coordinators and joint bookrunners.
Featured image: Edited by Fintech News Philippines based on an image by napatsorn8289 via Magnific.
