Cryptocurrency exchange Gemini says it is raising the price of its Sept. 12 initial public offering (IPO) due to strong demand among individual retail investors.
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Gemini is run by twin brothers Cameron and Tyler Winklevoss. The crypto exchange has announced that it plans to sell 16.7 million shares in a price range of $24 to $26. That’s up nearly 40% from the previous range of $17 to $19.
At a price of $26 per share, Gemini would raise about $435 million from the IPO, which would value the company at $3.2 billion. Gemini is expected to begin trading on the Nasdaq exchange under the ticker symbol “GEMI” on Sept. 12.
Surging Demand
Gemini is the latest crypto company to tap public markets this year after the successful IPOs of Circle Internet Group (CRCL) and Bullish (BLSH). Gemini is also the latest company to raise its IPO price due to surging demand among investors.
Buy-now, pay-later company Klarna hiked the price of its Sept. 10 IPO to $40 a share, above its expected range, due to overwhelming demand for its stock, which is poised to rise sharply once it begins trading. Figure Technology Solutions, a company that uses blockchain technology to make loans, is set to hold its IPO on Sept. 11 in a busy week for new stock issuance.
Is CRCL Stock a Buy?
As Gemini is not yet publicly traded, we’ll look instead at the stock of stablecoin issuer Circle Internet Group. As one can see below, the stock has a consensus Hold rating among 16 Wall Street analysts. That rating is based on six Buy, six Hold, and four Sell recommendations issued in the last three months. The average CRCL price target of $175.67 implies 49.61% upside from current levels.
Read more analyst ratings on CRCL stock