BlockBeats News, September 12th, according to Bloomberg, cryptocurrency company Gemini Space Station Inc. (Gemini) raised $425 million through its initial public offering (IPO), with its offering price above the target range and the issuance size reduced.
An anonymous source familiar with the matter, who requested anonymity because the information was not made public, said that Gemini, led by billionaire twin brothers the Winklevosses, sold about 15.2 million shares at $28 per share on Thursday, above the previously targeted price range of $24 to $26 per share. Bloomberg News previously reported that the company informed investors on Thursday that it planned to secure a double-digit oversubscription and set the upper limit of the IPO base deal at $425 million.
According to the prospectus, Nasdaq has agreed to subscribe to $50 million worth of shares at the IPO price through a private placement. Gemini will reserve up to 10% of the IPO shares for long-term users, management and employees, family and friends, and allocate up to 30% of the shares to retail investors participating in the subscription through self-owned investment platforms such as Robinhood Markets Inc., SoFi Technologies Inc., and Webull Corp.
