Cryptocurrency exchange Gemini released an announcement today (2), officially announcing the launch of its IPO, and is expected to be listed on Nasdaq under the stock code GEMI.
Gemini IPO Details
The announcement stated that the IPO will issue 16,666,667 Class A common shares. Gemini and the selling shareholders plan to grant the underwriters a 30-day option to purchase up to an additional 2,396,348 and 103,652 Class A common shares, respectively, to cover over-allotments.
The IPO price is expected to be between $17.00 and $19.00 per share, but the final offering price and size will still depend on market conditions and other factors, and there can be no guarantee whether or when the offering will be completed.
Gemini has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol GEMI. The underwriting syndicate for the offering is led by Goldman Sachs & Co. and Citigroup, with Morgan Stanley, Cantor, and other institutions including Evercore ISI and Mizuho Securities also participating. Academy Securities, AmeriVet Securities, and Roberts & Ryan are serving as co-managers.
However, it should be noted that the registration statement for the relevant securities has not yet become effective, and no securities may be sold or offers to buy accepted prior to its effectiveness. Gemini stated that its platform is committed to providing simple, reliable, and secure products, aiming to usher in a new era of finance, creativity, and personal freedom.
However, it's worth noting that Gemini's S-1 filing on August 15th revealed a net loss of $282.5 million in the first half of the year, a nearly 580% year-over-year increase. Revenue fell to $68.6 million during the same period. Given these significant losses, the market has been cautious about this IPO. How Gemini performs after its IPO will warrant continued attention.
