Gemini IPO is expected to price at $24–$26 per share, implying a valuation above $3 billion when it lists on Nasdaq. The offering covers 16,666,667 shares, includes a directed-share allocation, and is underwritten by Goldman Sachs, Cantor, and Morgan Stanley.
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Updated IPO range: $24–$26 per share
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Offering: 16,666,667 common shares; directed-share program reserves ~10%
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Underwriters: Goldman Sachs, Cantor, Morgan Stanley; valuation likely north of $3 billion
Gemini IPO: Gemini raises its IPO range to $24–$26, aiming for a valuation above $3B. Read offering details, share counts, underwriters, and timing.
What is the Gemini IPO update?
Gemini IPO pricing was updated to a range of $24–$26 per share in an SEC filing dated 2025-09-09, signaling a potential valuation north of $3 billion. The company will offer 16,666,667 common shares and plans to list GEMI on Nasdaq with multiple major underwriters.
How did Gemini change its offering and why does it matter?
Gemini increased its expected per-share price from an initial $17–$19 range to $24–$26, reflecting stronger investor interest and market demand. The filing shows a 16,666,667–share offering and a directed-share program reserving roughly 10% of shares for designated individuals and entities.
How much could Gemini be valued at after the IPO?
Based on the updated $24–$26 price range and 16,666,667 offered shares, the implied market valuation for Gemini exceeds $3 billion. Exact market cap will depend on total outstanding shares at listing and final IPO price, with formal valuation finalized on the effective offering date.
When will GEMI start trading and who are the underwriters?
Gemini indicated the IPO will occur “as soon as practicable” relative to the effective filing date; a specific trading date was not provided in the filing. The deal is being underwritten by major firms including Goldman Sachs, Cantor, and Morgan Stanley, with GEMI expected to trade on Nasdaq.
Frequently Asked Questions
What does Gemini’s directed-share program mean for investors?
A directed-share program reserves about 10% of offered shares (≈1.67 million shares) for sale to certain individuals and entities, which can help broaden ownership among targeted investors while slightly limiting public float at IPO.
How does Gemini’s IPO compare to recent crypto listings?
Gemini’s move to upsize its price range mirrors recent market behavior observed in other crypto-related IPOs, such as Circle, which increased its offering range amid strong demand. Final outcomes vary based on opening-day trading dynamics and investor appetite.
Key Takeaways
- Updated price range: Gemini moved its IPO range to $24–$26, suggesting stronger demand and a higher implied valuation.
- Share structure: The offering covers 16,666,667 shares with a directed-share program reserving ~10% for select buyers.
- Market context: Underwritten by major banks; comparison to Circle’s recent IPO highlights potential for volatile opening trading.
Conclusion
Gemini’s IPO update, raising the expected per-share price to $24–$26, positions the exchange for an implied valuation north of $3 billion. The filing details — share count, directed-share allocation, and underwriters — provide a clear framework for investors assessing the offering. Monitor the effective filing date for the formal trading schedule and final pricing.
