The Securities and Exchange Commission rewrote the public float rulebook on 24 February 2026 — not the PSE. The Philippine Stock Exchange followed on 21 April 2026 with consultation paper CN-2026-0015, proposing to embed the SEC's new tiered minimum public ownership thresholds into exchange listing rules. The timing is not coincidental: Mynt, the Globe Telecom and Ant Group-backed parent of GCash, is targeting a filing as early as July for an IPO of up to USD 1 billion — a deal that would eclipse every prior listing on the PSE.
What the New Float Framework Actually Does
The blanket 20% public float requirement that applied to all PSE-listed firms regardless of size is gone for large issuers. Under SEC MC No. 11, Series of 2026 — issued 24 February 2026 — the requirement drops to 15% for companies with an expected market capitalisation above ₱50 billion at listing. For issuers valued above ₱200 billion, the exchange may approve a lower initial float, with 12% as the hard floor, subject to satisfying investor protection, liquidity, and orderly-trading conditions. Post-listing, companies must maintain 20% float if valued at or below ₱50 billion, and 15% above that threshold.
The PSE's circular CN-2026-0015, published 21 April 2026, opens a 30-day comment window and proposes to embed these thresholds directly into the exchange's listing rules. The SEC gave the PSE three months from the circular's February publication date to align — making the April consultation paper a deadline-driven compliance exercise as much as a policy choice.
GCash's Position in the New Tiers
Mynt is targeting a valuation of at least USD 8 billion for its IPO — a figure that translates to roughly ₱450 billion at current exchange rates, placing the company well above the ₱200 billion threshold where the 12% floor relief mechanism applies. Analysts at Chinabank Capital Corp have cited a USD 8 to USD 9 billion range for the potential listing valuation. PSE president Ramon Monzon has been direct about where the real constraint lies: not the percentage floor, but the peso amount the Philippine market can absorb in a single transaction. He has advised GCash's team to think in absolute figures rather than percentages, stating the exchange told the company "not to fixate on 15, 12, or 10 percent — instead, consider what absolute amount the market can absorb."
The Deal and Its Backers
IFR Markets reports five banks working on the transaction: JP Morgan, Morgan Stanley, and UBS leading the book, with HSBC and Jefferies in supporting roles. Manila Times separately named Citi, Jefferies, and UBS as banks appointed in early 2025 — the two source lists differ, suggesting the syndicate composition may have evolved since the initial mandates were awarded. Mynt's shareholder register includes Globe Telecom, Ayala Corp, Ant Group, and Japan's MUFG — the latter reported to hold an 8% stake following a deal announced in August 2024 and closed in February 2025 at a USD 5 billion valuation, though neither IFR Markets nor Manila Times discloses the specific percentage. The company serves 94 million registered users in the Philippines, covering roughly 78% of the population of nearly 120 million, across e-wallet, lending, insurance, and bill-payment services.
Cornerstone investors are being finalised as of late May, though no names have been disclosed. Mynt has stated publicly that no filing has been lodged with the SEC or PSE. Globe Telecom CFO Carlo Puno confirmed that "no final decision has been made on timing, size or structure, and any process would remain subject to board, regulatory and market conditions."
Why the Listing Would Matter Beyond the Philippines
A completed GCash IPO at the sought valuation would establish a live market price for a Southeast Asian super-app fintech — a data point the region currently lacks. The sector has no recent clean comparable: Grab's 2021 SPAC merger has traded well below its debut price, and Sea Limited's share recovery has been slow. A Philippine Exchange listing, priced in a transparent book-build, would give institutional allocators a benchmark for the next wave of ASEAN fintech secondaries and follow-on fundraisings.
For the PSE itself, the stakes are real. The exchange recorded only two IPOs in 2025 — well below its target of six for the year. GCash alone would inject an estimated ₱61 billion into the primary market and signal to other large private Philippine companies that a listing is viable.
Outstanding Conditions
The consultation paper's comment period must close and the PSE board must formally adopt the amended listing rules before any GCash application can proceed on the new float basis. The SEC MC 11 framework, while already in force, requires PSE rule alignment to be operational for applicants. Monzon confirmed ongoing engagement with GCash executives but stopped short of indicating when a formal application is expected. Market participants cited by Manila Times suggested Mynt would wait for rule finalisation before committing to a timeline.
View author profile → · Editorial policy
