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Investing.com -- Gemini Space Station Ltd.’s initial public offering of up to $433 million is now double-digits oversubscribed after the company raised its marketing range on Tuesday, according to people familiar with the matter.
The crypto exchange, backed by the Winklevoss twins, is offering 16.7 million shares at $24 to $26 each, according to an updated filing with the U.S. Securities and Exchange Commission. This represents a significant increase from the initial range of $17 to $19 when marketing began last week.
Sources close to the offering, who requested anonymity because the information is private, indicated that investors are showing no price sensitivity toward the deal.
Gemini has also increased the allocation for retail investors to 30% of the offering, up from the initial 10%. These shares will be available through online platforms including Robinhood and SoFi, according to the latest filing.
Nasdaq Inc. has agreed to purchase $50 million of shares in a private placement at the IPO price, contingent on the closing of the offering.
The IPO is expected to price on Thursday, with shares set to trade on the Nasdaq Global Select Market under the symbol "GEMI."
Goldman Sachs Group Inc., Citigroup Inc., Morgan Stanley and Cantor Fitzgerald & Co. are among the banks managing the offering.
A Gemini representative did not immediately respond to a request for comment.
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