The Philippine Stock Exchange (PSE) is counting on Mynt Inc.’s planned initial public offering (IPO) to encourage more financial technology and digital economy companies to list and raise capital.

The PSE said Friday it approved Mynt’s application to sell up to 8.03 billion primary and secondary shares at a maximum price of P10 each. Mynt is the parent company of GCash, the country’s largest e-wallet platform.

“We welcome this highly anticipated IPO, which is poised to set the record as the largest public offering in PSE history,” PSE President and Chief Executive Officer Ramon S. Monzon said.

Mynt plans to offer up to 1.61 billion primary shares and 6.42 billion secondary shares, with an overallotment option of up to 1.20 billion additional secondary shares. It will list on the PSE Main Board under the ticker “GCASH.”

The offer period is scheduled for 6 to 12 October, with the final price expected on 1 October after book-building. The tentative listing date is 20 October.

Monzon said the IPO could boost trading activity and attract more retail investors because subscriptions will be available through GStocks, GCash’s stock-trading feature.

“I am optimistic that this debut will drive strong market activity ahead of Q4. … We expect to see a significant uptick in new retail investors,” he said.

The PSE hopes a successful Mynt offering will show other technology and financial services companies that the equities market can fund expansion while giving investors access to the digital economy.

Proceeds from the primary shares will support Mynt’s digital financial services expansion, product development and other corporate purposes. Proceeds from secondary shares will go to selling shareholders.

The PSE approval follows Mynt’s receipt of a pre-effective letter from the Securities and Exchange Commission (SEC) on 5 September. The company filed its registration statement with the SEC and listing application with the PSE on 27 June.

The IPO remains subject to SEC and PSE conditions, the SEC’s issuance of a permit to sell, market conditions, final offer terms and other approvals.

Local small investors may subscribe through the PSE Electronic Allocation System, or PSE EASy.