GCash is finally headed for the stock market after regulators cleared its P92.32-billion initial public offering, paving the way for the long-awaited public debut of one of the country’s biggest digital finance platforms.

The Securities and Exchange Commission (SEC) confirmed on Friday that it approved the IPO of GCash operator Mynt Inc., which is eyeing a massive P668.96-billion market capitalization upon listing.

The SEC En Banc resolved to render effective Mynt’s registration statement covering up to 66.9 billion common shares, subject to compliance with remaining requirements.

Mynt will offer up to 1.61 billion new shares, while a selling shareholder will unload up to 6.42 billion existing shares. The deal also carries an overallotment option of up to 1.20 billion shares.

At a maximum price of P10 apiece, the IPO could raise as much as P92.32 billion.

Assuming the overallotment option is oversubscribed, Mynt expects to net up to P89.25 billion from the massive share sale.

Around P14.95 billion in net proceeds from the primary offer will go toward expanding its digital financial services, product development, and general corporate purposes.

Mynt is targeting an offer period from 6 to 12 October, followed by its debut on the Philippine Stock Exchange's Main Board on 20 October under the ticker “GCASH.”

The blockbuster listing is also breaking new ground in the local capital market.

Mynt will become the first company to tap the SEC's relaxed public float requirement for large issuers, after regulators allowed it to float just 12 percent of its shares instead of the usual 15 percent. The exemption reflects the sheer size of the company. 

Mynt expects to command a P668.96-billion valuation upon listing—more than three times the P200-billion market capitalization threshold for companies allowed a lower public float.

BPI Capital Corp. and BDO Capital & Investment Corp. are the domestic lead underwriters and joint bookrunners, alongside several major international banks.