SEC allows 15% public float for GCash IPO

The Securities and Exchange Commission (SEC) is not abandoning the 20-percent minimum public ownership of rule for initial public offerings (IPOs), although it has approved the plan of the Philippine Stock Exchange (PSE) to relax its implementation of this requirement to make it easier for large companies like GCash to pursue their maiden-of fering plans.

- BY JAMES A. LOYOLA

“After thorough discussions with the PSE, the SEC has allowed, by way of exemptive relief, an initial public float of 15 percent, subject to strict criteria,” the Commission said in a statement.

“Companies may apply for this relief, provided they bridge any gap from the 20-percent standard within less than 24 months from the listing date and only as deemed necessary by the Commission,” it added.

The SEC said this covers applications already filed with and accepted by the Commission and the PSE. As of March 25, 2025, the SEC and PSE have yet to receive any application for regulatory relief from any potential IPO applicant.