Nasdaq has agreed to buy US$50 million worth of shares in a private placement at the initial public offering price
[NEW YORK] Gemini Space Station raised US$425 million in an initial public offering (IPO), pricing its stock above a marketed range and shrinking the number of shares, according to a source familiar with the matter.
The cryptocurrency firm led by the billionaire Winklevoss twins sold about 15.2 million shares on Thursday (Sep 11) for US$28 each after marketing them for US$24 to US$26 apiece, said the source, who asked not to be identified because the information was not public yet.
The company told investors on Thursday it expected to cap the base size of its double-digits-oversubscribed IPO at US$425 million, Bloomberg News reported earlier.
A representative for Gemini did not immediately respond to requests for comment.
Nasdaq has agreed to buy US$50 million worth of shares in a private placement at the IPO price, the filings showed. Gemini is setting aside as much as 10 per cent of the IPO for long-standing users, management and employees and friends and family, and up to 30 per cent for retail investors on self-directed investing platforms operated by firms including Robinhood Markets, SoFi Technologies and Webull.
Founded in 2014 by Cameron and Tyler Winklevoss, Gemini has more than US$18 billion of assets on the platform, the filing shows. The firm offers a crypto exchange, a US dollar-backed stablecoin, crypto staking, digital asset custody and a credit card that offers rewards in crypto.
Gemini had a net loss of US$282.5 million on US$68.6 million total revenue in the six months ending Jun 30, compared to a net loss of US$41.4 million on total revenue of US$74.3 million in the same period last year, according to the filing.
The Winklevoss twins owned nearly all of the company prior to the offering and are expected to control about 94.5 per cent of the voting power after the IPO, according to its filings.
The listing is being led by Goldman Sachs and Citigroup, the filing shows. Gemini is expected to begin trading on the Nasdaq Global Select Market on Friday under the symbol GEMI. BLOOMBERG
