MANILA, Philippines — The long-awaited GCash stock market debut is now one major step closer.
The Securities and Exchange Commission (SEC) has approved the registration statement of Mynt Inc., the parent company of GCash, clearing the way for a potential ₱92.32-billion initial public offering (IPO) that could become the largest IPO in Philippine history if completed at the maximum offer size.
The SEC’s Commission En Banc approved the registration on September 3, covering up to 66.9 billion common shares, subject to Mynt completing the remaining regulatory requirements.
More importantly for Filipino investors, the latest timetable puts the GCash IPO offer period from October 6 to October 12, 2026, with the company targeting its Philippine Stock Exchange (PSE) Main Board debut on October 20 under the ticker “GCASH.”
A ₱92.3-billion deal
Mynt plans to offer up to 1.61 billion newly issued common shares through the primary offering.
Another 6.42 billion existing shares will be sold by a shareholder through the secondary offering.
The transaction also carries an overallotment option of up to 1.20 billion shares.
The indicative maximum price remains ₱10 per share, putting the potential total IPO size at approximately ₱92.32 billion if the overallotment option is fully exercised.
But the final IPO price has not yet been determined.
Mynt is scheduled to set the pricing on October 1, with the final offer price expected to be announced on October 2, according to the latest timetable previously reported from the company’s prospectus.
Mynt could be valued at nearly ₱669 billion
The sheer size of the planned offering is not the only reason the GCash IPO is attracting attention.
The SEC said Mynt’s expected initial market capitalization upon listing is approximately ₱668.96 billion.
That valuation is more than three times the ₱200-billion threshold under the SEC’s new rules for exceptionally large issuers.
And that leads to another first for the Philippine capital market.
GCash gets a lower public-float requirement
Normally, listed companies are required to maintain a minimum public ownership level of 15 percent.
For Mynt, however, the SEC approved a 12-percent minimum initial public float under SEC Memorandum Circular No. 11, Series of 2026.
The new rules allow the SEC, upon the PSE’s recommendation, to approve a lower public float for companies expected to have exceptionally large market capitalizations.
Mynt is the first company to take advantage of the new lower-float rule, according to the SEC and multiple reports.
How much money will Mynt actually receive?
There is an important distinction investors should understand.
The headline figure of ₱92.32 billion represents the potential size of the entire offering—not money that will all go directly into Mynt’s coffers.
The primary portion consists of newly issued shares, and Mynt expects approximately ₱14.95 billion in net proceeds from that component.
The company said those funds will be used for expansion of its digital financial services, product development and general corporate purposes.
If the overallotment option is fully exercised, Mynt expects the total offering to generate as much as ₱89.25 billion in net proceeds, according to the SEC’s disclosure.
Why the GCash IPO is such a big deal
GCash has evolved far beyond its original role as a digital wallet.
The platform has expanded into payments, money transfers, savings, credit, loans, investments, insurance and other digital financial services.
Mynt reported ₱79.8 billion in revenue and ₱17.2 billion in profit in 2025, while GCash had 39.1 million monthly active users during the year and processed approximately ₱17 trillion in gross transaction value.
The company has previously said GCash has more than 90 million registered users, highlighting the extraordinary reach of the platform in the Philippine market.
That scale is one reason the IPO is being closely watched not only by retail investors but also by institutional investors and the broader Philippine technology and financial sectors.
Major global banks are joining the deal
The IPO has attracted a heavyweight group of investment banks.
BPI Capital Corp. and BDO Capital & Investment Corp. are serving as domestic lead underwriters and joint bookrunners.
Internationally, Jefferies Singapore Ltd., CLSA Ltd. and HSBC’s Singapore branch are serving as joint bookrunners.
Morgan Stanley, J.P. Morgan and UBS are acting as joint global coordinators and joint bookrunners.
The addition of CLSA and HSBC expanded the international banking group as Mynt adjusted its IPO timetable in August.
Early investors are also preparing to cash out
Another closely watched aspect of the offering is the secondary share sale.
Earlier reports indicated that some early investors are using the IPO to sell portions of their holdings.
Advanced New Technologies (Singapore) Holding, backed by Ant Group, was reported to be offering shares worth as much as ₱25.18 billion, while Lion Fintech Investments was reported to be selling up to approximately ₱12.18 billion worth.
Meanwhile, major shareholders including Globe Capital Venture Holdings and Ant International Technologies were reported to be retaining their respective stakes rather than participating in the sale.
That structure gives investors something else to examine beyond the headline valuation: how much of the IPO represents new capital going into Mynt and how much represents existing shareholders selling their holdings.
From e-wallet to finance superapp
The IPO represents a major milestone for Mynt, which began building GCash into a national-scale digital financial platform.
Mynt is backed by Globe Telecom, the Ayala Group and Ant Group interests, and the company has positioned GCash as a broader financial-services ecosystem rather than simply an electronic wallet.
The company’s own June disclosure described Mynt as a Philippine fintech company operating GCash and Fuse Lending, with GCash offering payments and a growing range of financial products.
The proposed listing could therefore give public-market investors direct exposure to one of the Philippines’ most widely used digital finance platforms.
October could be the moment millions of GCash users become potential shareholders
The latest schedule gives investors several important dates to remember:
- October 1, 2026: Target IPO pricing date
- October 2: Expected announcement of final offer price
- October 6–12: IPO offer period
- October 20: Target PSE Main Board listing
- Ticker: GCASH
But there is an important caveat: the ₱10 price remains the maximum indicative offer price, not necessarily the final price investors will pay.
The final terms remain subject to the applicable regulatory, market and transaction requirements.
The biggest question now: what happens when GCASH starts trading?
The SEC approval removes one of the biggest hurdles standing between GCash and the Philippine stock market.
But approval is not the same thing as a guaranteed market performance.
Investors will still have to weigh Mynt’s valuation, profitability, growth prospects, competition in digital finance, regulatory risks and the final IPO price before deciding whether the offering makes sense for them.
If the IPO reaches its maximum size, however, the numbers alone make it a landmark transaction.
A company built around an app used by millions of Filipinos is preparing to transform itself from a privately held fintech giant into a publicly traded company.
And on October 20, the question will no longer simply be whether GCash is going public.
The real test will begin when the “GCASH” ticker starts flashing on the PSE trading board—and investors discover what the market is actually willing to pay for the country’s digital-finance giant.
WWC ONE MEDIA J.M.S
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