MANILA, Philippines — Mynt Inc., the parent company of GCash, has secured approval from the Philippine Stock Exchange (PSE) for its proposed initial public offering (IPO), moving the country’s largest digital financial services platform closer to a planned stock market debut in October.
Mynt said Wednesday, Sept. 16, that it received the formal Notice of Approval from the PSE board for the proposed listing of its common shares on the exchange’s Main Board.
The approval follows the company’s filing of its registration statement with the Securities and Exchange Commission (SEC), marking another key regulatory step toward what could become one of the Philippines’ most closely watched IPOs.
Subject to final regulatory clearances and market conditions, the proposed offering will consist of up to 8.027 billion common shares, including 1.605 billion primary shares to be issued by Mynt and 6.422 billion secondary shares to be sold by existing shareholders.
An overallotment option of up to 1.204 billion secondary shares is also being considered.
Mynt said the firm shares would represent about 12% of its issued and outstanding capital stock, or approximately 13.8% if the overallotment option is fully exercised, based on a total of 66.896 billion shares.
The company said the planned listing is intended to support its next phase of growth while expanding public-market participation in the business behind GCash, which has become a major platform for digital payments and financial services in the Philippines.
“Mynt remains committed to driving financial inclusion and delivering long-term value for its users and future shareholders,” the company said.
GCash is backed by Globe, Ant Group, Ayala Corp. and other international partners.
For the IPO, Morgan Stanley, J.P. Morgan and UBS Singapore are serving as joint global coordinators and joint bookrunners. Jefferies Singapore, CLSA and HSBC Singapore are international joint bookrunners.
BPI Capital and BDO Capital are domestic lead underwriters and joint bookrunners, while AB Capital and First Metro Investment Corp. are domestic lead underwriters. Maybank Securities is serving as international co-manager.
Mynt said the proposed offering remains subject to SEC registration requirements, PSE listing rules, market conditions, final offer terms and the necessary corporate approvals and consents.
Further disclosures will be made in accordance with applicable regulations.