The moment the Philippine stock market's been waiting for finally arrived.

Last Wednesday, June 17, Globe Telecom Inc. (GLO) told the Philippine Stock Exchange (PSE) that its board had approved the initial public offering (IPO) of Mynt Inc. — the parent company of GCash. The offering will consist of both primary and secondary shares, representing at least 12% of Mynt's total outstanding post-IPO capital stock.

That 12% is no accident. Under new Securities and Exchange Commission (SEC) rules, large issuers with expected market capitalization of P200 billion and above only need a minimum public ownership of 12%. Mynt fits that bracket comfortably — market chatter values the company at around US$8 billion (roughly P496 billion at current exchange rates).

Mynt's been preparing for this moment for a while. It executed an intensive stock split, slashing the share par value from P1 to P0.03 per share. That move multiplied outstanding shares and maximized retail liquidity — a clear signal that Mynt wants everyday Filipinos to be able to buy in.

The offer price remains undecided, but the numbers are staggering. Reports indicate Mynt is looking to raise between US$1 billion and US$1.5 billion — that's P62 billion to P93 billion at the current P62-to-US$1 exchange rate. To put that in perspective, the PSE trades about P6 billion in total daily value. This IPO alone would be worth roughly 10 days of normal market transactions.

"This would be some kind of an all-time high that could possibly affect the market's already low liquidity," said Joel de la Peña, market strategist and chief trader of H.E. Bennett Securities Inc.

The ownership structure of Mynt is a who's who of corporate giants. Globe Telecom holds 35%, Ant Group (Jack Ma's fintech empire) owns 34%, Ayala Corporation has 13%, MUFG Bank holds 8%, and the rest sits with private equity firms like Warburg Pincus and Bow Wave.

The timing of the IPO is still up in the air. Globe said it will depend on market conditions, which are "turning more favorable" with encouraging geopolitical and economic developments locally and abroad.

ICTSI Delisting Rumors Add to Market Drama

While GCash dominates the IPO headlines, another heavyweight is stirring up the PSE. International Container Terminal Services Inc. (ICTSI), owned by billionaire Enrique Razon Jr., is reportedly considering a secondary listing on the Hong Kong Stock Exchange — and some fear it could lead to delisting from the local bourse.

ICTSI is within striking distance of becoming the first PSE Index stock to hit a P2 trillion market valuation. That would be more than 2.5 times the value of the second-largest stock, SM Investments Corporation (SMIC). Its stock price has been hitting record highs as investors pile in, seeing ICTSI as the market's premier stock and a proxy for Philippine investment.

If ICTSI were to delist, the tender offer would be massive. Its public float is estimated at about 50% of the company's capital stock — meaning a buyout could cost close to P1 trillion at current prices.

But Joey Roxas, president and market strategist of Eagle Equities Inc., isn't convinced ICTSI will leave.

Still, the question hangs over the market: Can the PSE afford to lose ICTSI? The answer could define the future of the local exchange.

For now, all eyes are on Mynt's next move. If the GCash IPO goes through as planned, it'll be the largest the Philippines has ever seen — and a test of whether the market can stomach a deal this big.