By Echo Wang
New York (Reuters) -Gemini Space Station, The CryptoseSerse Exchange founded by Cameron and Tyler Winklevoss, attracted more than 20 times more orders for its initial American public offer scheduled than the actions available, said people familiar with the case on Thursday.
The high demand, before the prices of the IPO later Thursday, shows the enormous appetite of investors for the lists of cryptographic companies.
Gemini and its bankers have ceased to take new shares orders and, in an unusual decision, the product of the IPO will be capped at $ 425 million, according to sources.
Any other increase in prices will rather reduce the number of shares sold, people have added, asking not to be identified because the information is not public.
Without the ceiling, Gemini should have raised up to $ 433 million in the first sale of shares, based on his deposits with the Securities and Exchange American Commission.
This figure excludes that the Nasdaq of $ 50 million has committed to investing in a private investment at the time of the IPO. Reuters was the first to report on the investment.
A gemini representative did not respond to a request for comments.
The course of action already raised on high demand
The company has already increased the proposed price of the 16.67 million shares sold between $ 24 and $ 26 each, against a range of $ 17 to $ 19, due to high demand. At the top of the range, Gemini would have a market value of more than $ 3 billion, according to the reuters calculations based on deposits.
The crypto lists are taking momentum. On Wednesday, the technology of stablecoin transmitter figures raised $ 787.5 million in an American IPO of American size on Wednesday. The owner of optimistic Coindesk and stable Circle Circle transmitter have both expanded their offers earlier this year.
Regulatory victories under the Pros-Crypto White House, the increase in the adoption of companies and the stock market entrances have fueled a wave of announcements, the market value of the sector recently exceeding 4 billions of dollars.
Gemini should start to negotiate on Friday.
Goldman Sachs and Citigroup are the main books for the IPO. The company plans to register its actions on the NASDAQ under the symbol “Gemi”.
(Report by Echo Wang in New York; edition by David French and Richard Chang)
