The Philippine Securities and Exchange Commission has approved the initial public offering of Mynt, the operator of mobile wallet GCash, clearing the way for what would be the country’s largest-ever listing. The SEC en banc signed off on September 3 on a registration covering up to 66.9 billion common shares and proceeds of up to P92.32B, roughly $1.5B.
The structure pairs up to 1.61 billion fresh shares from Mynt with as many as 6.42 billion existing shares from a selling holder, plus an overallotment option covering up to 1.2 billion more. Shares are priced at up to P10, and a fully exercised greenshoe would put net proceeds as high as P89.25B. Mynt itself expects about P14.95B from the primary portion, earmarked for expanding digital financial services and product development.
The offer period runs October 6-12, followed by a listing on the Philippine Stock Exchange main board on October 20 under the ticker GCASH. Mynt is the first issuer allowed to use a reduced 12% public float requirement for large companies, reflecting an expected initial market capitalization of P668.96B, more than triple the regulator’s threshold. BPI Capital and BDO Capital are among the domestic bookrunners.
