Mynt's $1.3 Billion GCash IPO Wins Exchange Approval
Mynt, Inc., the company behind GCash, has won approval from the Philippine Stock Exchange for a proposed initial public offering worth nearly $1.3 billion that would be the country's largest-ever IPO if completed, according to the Wall Street Journal. The company is backed by Ant International. An IPO is a company's first sale of shares to public investors.
The exchange clearance came after approval from the Philippine Securities and Exchange Commission. The SEC approved Mynt's registration statement — the formal paperwork that sets out what can be sold — covering up to 66.9 billion common shares, as reported by BusinessMirror. The offering is valued at up to P92.32 billion, according to ABS-CBN. Both approvals are for a proposed deal. Completion still depends on final offer terms, bookbuilding and listing procedures. Bookbuilding is the process where banks collect investor orders to set a price.
The paperwork trail goes back to mid-June. Ayala Corporation disclosed approval of the filing for Mynt's proposed IPO in a disclosure published June 17, 2026. Globe Telecom then disclosed that its board had approved the filing by Mynt, Inc. on June 17, 2026, in a disclosure published June 29. That same Globe disclosure said Mynt, Inc. had submitted its registration statement for the proposed offering. The disclosures were filed through the PSE Edge system, which started the formal regulatory review.
SEC review moved forward in early September. The Commission approved the IPO, as reported Sept. 4. Mynt then received a pre-effective letter from the SEC favorably considering its proposed IPO, documented in filings published Sept. 5. The PSE approval reported Sept. 18 is the second step in the Philippines' two-step system, which requires separate SEC registration and exchange listing approval before an offer can launch.
Mynt is the first company to use the SEC's lower public float requirements for large issuers, according to BusinessMirror. Public float means the shares actually available for ordinary investors to buy and trade. The filing does not state the exact float rule or the final free float. It states only the registered share base of 66.9 billion shares.
The broader context here is how that float relief works when an offering is this large. With a standard minimum float, a very large IPO can force more shares into the sale than local buyers can absorb at one price without a steep discount. Lowering the required float reduces that forced supply. It also concentrates price-setting in a smaller pool of tradable shares. That setup can support the listing price while leaving questions about trading depth, index weighting and share borrowing for later.
Looking at what this means for execution, the 66.9 billion registration frames the overhang question for money managers. Registration is not sale. The filed count is the maximum that can be sold under the paperwork, not the base offer plus greenshoe — the extra shares for strong demand — that will actually be placed. For portfolio managers, that difference matters for tracking dilution, voting power and the impact of future block sales. For underwriters, it matters for stabilizing the price and allocating shares where local institutional demand has firm limits and foreign buyers will likely set the final price.
