Web3 IPOs remain hot with Gemini’s ’20X oversubscribed,’ Figure debut jumping 24%
The crypto exchange capped proceeds at $425 million after reportedly halting new orders, with Nasdaq among its investors.
Gemini’s upcoming initial public offering (IPO), expected Friday, has reportedly been oversubscribed more than 20 times, as crypto and blockchain companies continue to attract investor attention.
According to Reuters on Thursday, citing people familiar with the matter, Gemini and its bankers stopped accepting new orders for shares on Thursday, ahead of the crypto exchange’s debut. The move, called “unusual” in an IPO, reportedly capped proceeds at $425 million.
Gemini had initially upped its raise to $433 million, with its prospective listing share price ranging between $24 and $26, from $17 to $19 floor price.