SEC approves PHP 5B+ IPO exemption, Mynt's GCash set for large listing

The Securities and Exchange Commission (SEC) has approved a proposal by the Philippine Stock Exchange (PSE) to exempt large initial public offerings (IPOs), such as Mynt's, from the 20 percent minimum public float requirement.

Under the new exemption, companies offering PHP 5 billion or more can offer less than 20 percent initially and must commit to meeting the requirement through follow-on offerings or private placements within two to three years.

Globe Fintech Innovations Inc., which owns GCash, is seeking an IPO valuation of $8.0 billion and may list by year-end, potentially making it one of the largest IPOs in Philippine history.

PSE President Ramon Monzon emphasized that the exemption is temporary and aimed at addressing current liquidity issues in the market.

Mr. Monzon noted that the PSE regularly engages with the SEC to address stakeholder concerns and facilitate smoother IPO processes.