Gemini raises $425 million in IPO, selling about 15.2 million shares at $28 US stocks

According to BlockBeats, on September 12, cryptocurrency company Gemini Space Station Inc. (Gemini) raised $425 million through an initial public offering (IPO), with an issue price higher than the recommendation range and reduced the issuance scale. Gemini, led by the twin brothers of billionaire Winklevosses, sold about 15.2 million shares Thursday for $28 a share, after a recommended price of $24 to $26 a share, people familiar with the matter said, who asked to be anonymous because the information was not disclosed. Bloomberg News reported earlier that the company told investors on Thursday that it plans to receive double-digit oversubscriptions to set the base size cap of $425 million. The prospectus shows that Nasdaq has agreed to subscribe to $50 million in stock through private placement at the IPO price. Gemini will reserve up to 10% of the IPO share to long-term users, management, employees, and family groups, and allocate up to 30% to retail investors participating in subscription through proprietary investment platforms such as Robinhood Markets Inc., SoFi Technologies Inc. and Webull Corp.