The Securities and Exchange Commission has cleared Mynt, the company behind the mobile wallet GCash, to proceed with a public listing, setting up one of the largest share sales seen in the local market. The approval covers the registration of billions of shares.
Mynt is set to list on the Philippine Stock Exchange under a ticker tied to the GCash brand, with shares priced at the top of a range that values the company in the hundreds of billions of pesos. The listing is expected to take place in the weeks ahead.
Regulators granted the company a reduced minimum public float given its projected market value, a provision that applies to very large issuers. The offering combines new shares that raise capital for the company with existing shares sold by current investors.
GCash has become the most widely used mobile wallet in the Philippines, handling payments, transfers and other financial services for millions of users. Its growth reflects the rapid shift toward digital finance in the country.
A listing of this size draws attention from both local and foreign investors, and it serves as a test of appetite for technology and financial companies in the market. Strong demand would signal confidence in the digital payments sector.
The company and its backers will look to the offering to broaden ownership and support the next phase of GCash’s growth across the Philippines.
