Quick Read
- The ₱53.0 billion base deal covers 8,027,409,600 shares, of which 6,421,927,700 are existing shares sold by current holders.
- At the ₱6.60 offer price, Mynt collects about ₱10.6 billion from new shares while sellers take about ₱42.4 billion.
- Public buyers own about 12 percent of Mynt, the lowest initial float the rules allow, and the maintaining requirement cannot fall below it.
- A 180-day lock-up on 58,401,729,166 shares ends around April 18, 2027, the first date holders of those shares are free to sell.
Most of the Mynt IPO is not new money for Mynt. About 80 percent of the 8,027,409,600 base shares are existing shares, so the sellers, not the GCash operator, take most of the roughly ₱53.0 billion. Mynt began trading on the Philippine Stock Exchange on October 20, 2026 at ₱6.60 and closed unchanged after touching ₱6.76 intraday. The public that bought in now owns about 12 percent of the company, a level the rules treat as a floor.
The Mynt IPO Pays Sellers First
The base offer covered up to 1,605,481,900 new shares from Mynt and up to 6,421,927,700 existing shares from selling shareholders. At the ₱6.60 offer price, the split between the company and the selling shareholders works out as shown below.
| Component | Shares | Value at ₱6.60 |
|---|---|---|
| Primary (new shares, to Mynt) | 1,605,481,900 | about ₱10.6 billion |
| Secondary (existing shares, to sellers) | 6,421,927,700 | about ₱42.4 billion |
| Overallotment option (secondary, if fully exercised) | 1,204,111,400 | about ₱7.9 billion |
Values are share counts multiplied by the offer price.
An overallotment option attached to the Mynt IPO covers up to 1,204,111,400 more secondary shares. Exercised in full, it would add about ₱7.9 billion, all of it to sellers, and lift the total to about ₱60.9 billion. The exchange has called the deal the largest in its history, but the base deal of ₱53.0 billion is smaller than Monde Nissin’s ₱55.89 billion offering in 2021. The label depends on that option.
A Mynt executive said that the primary portion, though smaller, is larger than some earlier local IPOs, and that the private equity investors supplying most of the secondary shares are not fully exiting. The executive added that the strategic shareholders, Globe, Ayala, Ant and MUFG, remain invested. Both statements can hold. The cash still lands with the sellers.
The 12% Float Rule Sets a Floor, Not a Cushion
SEC Memorandum Circular No. 11, Series of 2026, lets the SEC approve a lower public float for issuers with exceptionally large expected market capitalization. The Mynt IPO is the first to use it, with 12 percent public ownership against the usual 15 percent. The PSE’s amended minimum public ownership rule, effective August 11, 2026, sets the eligibility line at ₱200 billion and bars anything below 12 percent. It also says the maintaining requirement can never fall below the level approved at listing.
Public ownership is 12 percent on the base deal and 13.8 percent if the overallotment option is fully exercised. Shares held by a stockholder with 10 percent or more, or by any holder with a board seat, count as non-public. A holder that crosses 10 percent moves its entire stake out of the public count. A company that falls below its required level is suspended from trading for up to six months and then delisted automatically. Filing a compliance plan does not pause the suspension.
Listed companies must also compute float monthly and file a Public Ownership Report within 15 calendar days after each quarter ends. For Mynt’s fourth quarter, that is January 15, 2027.
Mynt Priced Well Below Its Filing Ceiling
Mynt’s filings carried a maximum price of ₱10 a share, which implied a market capitalization of ₱668.96 billion. The final price of the Mynt IPO, ₱6.60, puts the company at about ₱441.5 billion across 66,895,913,057 shares, roughly 34 percent lower. That is still well above the ₱200 billion line for the lower float. At the ceiling, net proceeds from the new shares were projected at ₱14.95 billion. At ₱6.60, those shares bring in about ₱10.6 billion before costs. Mynt says the new money will fund digital financial services growth, product development and general corporate purposes.
A Mynt executive said the ₱10 figure was an administrative up-to price required for the listing application and was never the price the company expected to list at. That is the company’s account of the gap. It does not change what buyers paid. They bought about 12 percent of a company valued near ₱441.5 billion, and about four of every five pesos in the base deal went to existing holders.
The April 2027 Lock-Up Is the Next Supply Event
A PSE notice lists 58,401,729,166 shares under a 180-day lock-up. Counted from the October 20 listing, that runs to about April 18, 2027, and covers roughly 87 percent of the shares outstanding. Expiry makes those shares sellable. It does not mean holders will sell, and the company says its strategic shareholders are keeping their stakes.
Public buyers in the Mynt IPO are the ones who would absorb any new supply. About 140,725 GCash users, according to the PSE’s president, bought roughly ₱1.1 billion of shares through the app. That is about 2 percent of the base deal. The offer terms set aside up to 10 percent of the firm shares for local small investors and up to 70 percent for institutions. A float of about 12 percent leaves less public demand to absorb any large block that reaches the market.
Existing holders sold up to ₱42.4 billion of stock at ₱6.60 in the base deal, and Mynt collected about ₱10.6 billion. The public now owns about 12 percent of a company valued at about ₱441.5 billion, a level Mynt cannot fall below without a trading suspension. The next date on which holders of 58.4 billion shares are free to sell is around April 18, 2027, and public holders carry the price of whatever follows.
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