Crypto exchange Gemini, backed by the Winklevoss twins, has priced its initial public offering (IPO) at $28 per share, placing its valuation at approximately $3.3 billion. The exchange successfully sold 15.2 million shares, raising about $425 million. As the stock begins trading on the Nasdaq Global Select Market under the ticker symbol GEMI, Gemini revealed that the IPO was significantly oversubscribed, with demand 20 times higher than the available shares. Nasdaq has committed to purchasing $50 million of its Class A common stock at the IPO price. The IPO price range was initially revised from $17-$19 to $24-$26 earlier in the week. This move marks a significant step as Gemini follows the path of other crypto firms entering public markets, positioning itself among rivals following successful public offerings. The lead underwriters for this IPO include prominent firms such as Goldman Sachs, Citigroup, Morgan Stanley, and Cantor.

Source đź”—