The upcoming Gemini initial public offering (IPO) has announced an increase in the share price range for a listing on the Nasdaq this Friday, trading on the ticker GEMI.
Initially, the IPO was priced at $17 to $19 a share. Today, this range was increased significantly to $24 to $26 a share.
The news of the higher price follows the report that Nasdaq will invest $50 million at the IPO price. Additionally, the two firms are expected to partner on certain services.
Gemini will float 16,666,667 common shares. The underwriters have an option for a period of 30 days from the date of the prospectus to purchase up to an additional 452,807 and 380,526 shares of Class A common stock, respectively, at the initial public offering price.
Gemini has dual classes of shares, and founders and affiliates will control 94.5% of the voting power following the IPO.
At a price of $25 a share, Gemini will receive $432.5 million or $443.2 million if the underwriters exercise in full their option to purchase additional shares. Early shareholders may sell some of their shares in the greenshoe allotment.
The company will have a valuation of around $3 billion following the initial offering.
