SEC clears GCash’s P92.3 billion IPO

MANILA, Philippines — The Securities and Exchange Commission (SEC) has approved the highly anticipated P92.32 billion initial public offering (IPO) of Mynt Inc., the parent company of e-wallet giant GCash, next month.

The SEC said it resolved to render effective Mynt’s registration statement covering the registration of up to 66.9 billion common shares in a meeting on Sept. 3.

Mynt will offer up to 1.61 billion common shares as part of the primary offer, while a selling shareholder will offer and sell up to 6.42 billion shares.

The offer also includes an over allotment option of up to 1.20 billion shares.

The shares will be sold at up to P10 apiece.

Based on the latest timeline submitted by the company to the SEC, the offer period will run from Oct. 6 to Oct. 12, with a target listing on the main board of the Philippine Stock Exchange (PSE) under the ticker “GCASH” on Oct. 20.

The SEC said Mynt is set to become the first company to take advantage of the commission’s lower public float requirements for large issuers.

The clearance of the company’s IPO includes the grant of its request for a lower minimum initial public float of 12 percent — as opposed to 15 percent — in accordance with SEC Memorandum Circular 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 SEC may approve, upon the PSE’s recommendation, lowering the public float of issuers with exceptionally large expected market capitalization at the time of listing.

 The SEC said Mynt’s expected initial market capitalization upon listing is P668.96 billion, exceeding the P200 billion initial market capitalization threshold under MC 11.

Assuming the overallotment option is oversubscribed, the SEC said the company could net up to P89.25 billion from the total offer.

The primary offer is expected to raise around P14.95 billion in net proceeds, which the company will use for digital financial services growth, product development and general corporate purposes.

SEC clears GCash’s P92.3 B IPO Mynt has tapped BPI Capital Corp. and BDO Capital & Investment Corp. as the domestic lead underwriters and joint bookrunners for the offer.

Jefferies Singapore Ltd, CLSA Ltd and The Hongkong and Shanghai Banking Corp. Ltd, Singapore Branch will serve as international joint bookrunners.

Morgan Stanley & Co. International PLC, J.P. Morgan Securities plc, and UBS AG Singapore Branch will serve as joint global coordinators and joint bookrunners.