The digital asset exchange, Gemini, is moving towards an initial public offering (IPO) and intends to offer 16.67 million shares of its Class A common stock to the public.
According to a filing submitted on September 2, the cryptocurrency platform plans to generate approximately $317 million through the sale of its stock, with a price range of $17 to $19 per share.
The move to go public follows an earlier application submitted on August 16 to list its Class A shares on the Nasdaq Global Select Market under the ticker GEMI. According to reports cited by Reuters, if the IPO is successful, the company could be valued at around $2.22 billion.
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Key financial players are involved in facilitating the public offering. Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald are serving as the leading bookrunners for the IPO. Other financial institutions participating in the offering include Evercore ISI, Mizuho, and Truist Securities.
Furthermore, the exchange and some of its existing shareholders are providing the IPO underwriters with the option to purchase up to an additional 2.4 million shares and an extra 103,652 shares from existing selling shareholders within a 30-day period following the offering.
In its filing, Gemini stated that it meets the criteria of an “emerging growth company” as defined under U.S. securities regulations. This classification gives the company the latitude to disclose a reduced level of information compared to larger, publicly traded firms.
As an illustration, the filing includes audited financial statements for the past two years only and omits details pertaining to executive compensation. The firm intends to leverage these exemptions in the future, where permitted by law.
In related news, The Ether Machine has successfully secured funding in anticipation of its upcoming IPO. Want to know how much funding it got? Read the full story.