Daily Brief ECM: Mynt (GCash) IPO: Analysis of Deal Terms and Valuation and more

• Mynt, the digital payments and consumer finance platform behind GCash, launched its PSE IPO to raise up to USD 1,279m. MS, JPM, and UBS are the joint global coordinators.
• In this note, we look at the deal terms and provide our thoughts on valuation for the company.
• We look at the quality of the cornerstone investors and assess the risk-reward of the deal.

• Pateo Connect Technology (PTC HK) raised US$140m from its Hong Kong IPO in September 2025 via a primary offering of HKD102.23/share in its IPO.
• It is one of the largest domestic providers of smart cockpit and intelligent connectivity solutions in China, providing full-stack smart cockpit solution and cloud-based vehicle connectivity, for Chinese OEMs.
• In this note, we will talk about the lockup dynamics and possible placement.

• Onyx International Inc. is a global consumer technology electronics brand in the knowledge-driven productivity tools industry, offering e-paper tablets and e-notes powered by its BOOX OS.
• Onyx International Inc. was the largest knowledge-driven productivity tool brand in China and the second largest globally in 2025 with 4.2% market share.
• Revenue increased from RMB803,580 thousand in 2023 to RMB1,128,185 thousand in 2025. However, profit for the period decreased in H1 2026, and the gearing ratio increased significantly.

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• ADARx upsized its IPO to 26.3 million shares at $17.00, the high end of the range, opening at $22.10 for a 30% gain.
• The offering was 10 times oversubscribed, with the top 25 accounts receiving 95% of shares and nearly 100 accounts receiving zero allocation.
• Shares closed at $19.35 after reaching $23.21, highlighting persistent selling pressure despite strong demand and a constructive biotech IPO outcome.

• The Wella Company is the world’s largest pure-play hair and nail company, operating in over 100 countries and generating $2.9 billion in net revenue in fiscal 2026.
• Wella Professionals held the #1 global brand rank in salon hair color for six consecutive years, and OPI holds the #1 global rank in premium retail nail brands.
• The company reported net income of $62,305 thousand for FY2026, but had net losses in four of the most recent five fiscal years.

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