GCash gets PSE approval for planned IPO

MANILA, Philippines — GCash operator Mynt Inc. has received approval from the Philippine Stock Exchange (PSE) for its initial public offering (IPO), moving closer to one of the largest listings in the country.

On Friday, Ayala Corp. and Globe Telecom Inc. said in separate statements that Mynt received the PSE’s Notice of Approval on Sept. 17 for its listing application covering up to 8.03 billion common shares, with an overallotment option of up to 1.20 billion secondary common shares. 

READ: GCash IPO pricing seen ranging between P8 to P10 per share

The PSE approval comes less than two weeks after Mynt received a pre-effective letter from the Securities and Exchange Commission (SEC) for the proposed IPO.

Mynt earlier filed an offering that could raise as much as P92.32 billion at a maximum price of P10 per share, potentially making the GCash listing one of the largest IPOs in Philippine history.

READ: GCash gets SEC nod for blockbuster P92.3-B IPO

Based on its earlier filing, the offer could give Mynt a market capitalization of about P669 billion. The company is seeking to list on the PSE’s main board.

The IPO, however, has yet to receive the SEC’s Permit to Sell. 

Globe said the transaction also remains subject to Mynt’s compliance with conditions under the SEC pre-effective letter and PSE approval, as well as prevailing market conditions, final offer terms and internal approvals. /pai

Ayala holds stakes in Mynt both directly and indirectly through AM 50 Ventures Inc. and Globe Telecom Inc., respectively.

The IPO is targeted for the fourth quarter of 2026. The offer period could run from Oct. 6 to 12, with a listing targeted for Oct. 20. INQ