Gemini priced its shares at $28 per share, higher than the earlier marketed range of $24‑$26. the company sold about 15.2 million shares, leading to the $425 million raised.
Investor demand was extremely strong. The IPO was oversubscribed by more than 20 times, meaning orders were over 20× the number of shares offered.because of this, Gemini and its underwriters decided to cap the proceeds, even though they could have raised more without the cap.
Earlier price expectations for the IPO had been much lower. Initially, shares were proposed to be sold at $17‑$19 per share. But due to strong interest, the proposed price range was lifted to $24‑$26, before the final $28 pricing.
The IPO values Gemini at approximately $3.33 billion on a non‑diluted basis. also, Nasdaq has committed $50 million via a private placement as part of the offering, showing institutional backing.
