TLDRGemini’s IPO saw more than 20 times the demand initially expected.The company imposed a $425 million hard cap on the total raise.The decision to cap the offering was a rare move of restraint by Gemini’s leadership.Gemini revised its IPO price range upwards from $17 to $19 to $24 to $26 per share.The adjusted price increase reflects the strong investor interest in the crypto sector.Gemini’s highly anticipated IPO has garnered significant attention. The crypto exchange set a $425 million cap on its initial public offering, despite a 20 times oversubscription. This unprecedented move demonstrates strong demand from investors and a rare act of restraint from Gemini’s leadership.Oversubscription Leads to $425 Million Hard CapGemini’s IPO attracted more than 20 times the number of orders than expected, according to reports. As a result, lead underwriters Goldman Sachs and Citigroup were forced to close the order book early. The overwhelming demand led the Winklevoss-led exchange to impose a hard cap on its fundraising efforts.Typically, IPOs allow companies to raise as much capital as demand allows. However, Gemini’s decision to limit the amount raised reflects a strategic move to maintain scarcity. “The goal is to make sure that demand exceeds supply,” said a source familiar with the process.Despite the significant demand, Gemini’s self-imposed cap of $425 million sets a unique precedent. The initial offering had the potential to raise approximately $433 million, excluding a $50 million private placement commitment from Nasdaq. The decision to limit the offering, while reducing the amount raised, may help boost the stock’s performance post-IPO.Gemini IPO Pricing Adjusted Amid Strong Investor InterestThe surge in demand for Gemini’s shares led to an increase in the expected IPO price. Just days before the offering, the price range was revised upward from $17 to $19 per share to $24 to $26. This price adjustment reflects the heavy interest from investors, which further drove up the company’s valuation.Analysts suggest that Gemini’s market valuation could surpass $3 billion at the upper end of the price range. The adjustment in pricing underscores the enthusiasm surrounding the company’s IPO, particularly from those looking to capitalize on the growth of digital assets. This interest follows the larger trend of crypto companies entering the public markets.Gemini’s IPO follows a pattern seen among other digital asset firms. Companies like Bullish, Circle, and Figure Technology have also turned to public listings this year. This trend reflects a broader shift toward legitimacy for the crypto industry, with investor confidence growing amid favorable regulatory changes and the rise of Bitcoin ETFs.The Gemini IPO signals a new phase for cryptocurrency companies. Once considered risky investments, crypto exchanges and firms are now gaining significant mainstream attention. The demand for Gemini’s public shares confirms that investors are eager to participate in the sector’s growth.The post Gemini IPO Oversubscription Forces $425M Cap After 20x Demand Surge appeared first on Blockonomi.