US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Gemini Space Station / Equity Capital Markets

<ul>
<li>Gemini Space Station made a splashy debut on Friday, pricing 15.2 million shares at $28.00, above its upwardly-revised $24-$26 range (originally $17-$19). The stock opened at $37.01.</li>
<li>Gemini hit an intraday high of $45.89, but selling pressure quickly came in as investors took profits. The stock stabilized in the low $30s, closing at $32.00.</li>
<li>Retail investors played a central role in the offering, with 31% of shares allocated to individual investors—far above the typical 6–8% seen in traditional deals.</li>
</ul>


Gemini Space Station made a splashy debut on Friday, pricing 15.2 million shares at $28.00, above its upwardly-revised $24-$26 range (originally $17-$19). The stock opened at $37.01.
Gemini hit an intraday high of $45.89, but selling pressure quickly came in as investors took profits. The stock stabilized in the low $30s, closing at $32.00.
Retail investors played a central role in the offering, with 31% of shares allocated to individual investors—far above the typical 6–8% seen in traditional deals.


Gemini Space Station, Inc. (GEMI): IPO Blasts Off With Retail Fuel, But Gravity Hits Late

<ul>
<li>The underwriters raised the price range from $17–$19 to $24–$26, one of the largest upward revisions in recent memory.</li>
<li>The underwriters re-filed a prospectus and added a $50 million concurrent private placement with Nasdaq on Tuesday morning.</li>
<li>From our years of experience in IPOs and short-term forecasting, one rule stands above the rest: deal dynamics.</li>
</ul>


The underwriters raised the price range from $17–$19 to $24–$26, one of the largest upward revisions in recent memory.
The underwriters re-filed a prospectus and added a $50 million concurrent private placement with Nasdaq on Tuesday morning.
From our years of experience in IPOs and short-term forecasting, one rule stands above the rest: deal dynamics.


Gemini Space Station, Inc. (GEMI): Range Increased, Next Crypto Moonshot Potentially On Deck

<ul>
<li>Commerce network Klarna Group will offer 34.3 million shares at $35-$37 and to debut on Wednesday (9/10).</li>
<li>The direct comp, Affirm, posted a strong quarter but some of Klarna's metrics are on par or potentially stronger than its competitor. </li>
<li>The valuation, both relative to peers and compared with prior “bloated” rounds, looks far more reasonable this time.</li>
</ul>


Commerce network Klarna Group will offer 34.3 million shares at $35-$37 and to debut on Wednesday (9/10).
The direct comp, Affirm, posted a strong quarter but some of Klarna's metrics are on par or potentially stronger than its competitor. 
The valuation, both relative to peers and compared with prior “bloated” rounds, looks far more reasonable this time.


Klarna Group (KLAR): Discounted Down-Round Valuation Draws Interest, Multiple-Times Oversubscribed

<ul>
<li>Gemini will offer 16.67 million shares at $17-$19 and is scheduled to debut on Friday, September 12th.</li>
<li>The underwriters have reserved up to 1,666,667 shares of Class A common stock, or 10% of the shares offered by this prospectus, for sale through a directed share program. </li>
<li>A $400 million growth equity round valued Gemini at $7.1 billion in November 2021. This funding round is significantly below that higher round. </li>
</ul>


Gemini will offer 16.67 million shares at $17-$19 and is scheduled to debut on Friday, September 12th.
The underwriters have reserved up to 1,666,667 shares of Class A common stock, or 10% of the shares offered by this prospectus, for sale through a directed share program. 
A $400 million growth equity round valued Gemini at $7.1 billion in November 2021. This funding round is significantly below that higher round. 


Gemini Space Station, Inc. (GEMI): Winklevoss Crypto-Platform Seeking $2.2b IPO Valuation

<ul>
<li>The company that describes its mission is to unlock the next era of financial, creative, and personal freedom filed for an IPO on August 15th.</li>
<li>As of June 30, 2025, they serve approximately 523,000 MTUs and approximately 10,000 institutions in over 60 countries, with over $18 billion of assets on their platform.</li>
<li>Their total revenue was $98.1 million and $142.2 million and their net loss was $319.7 million and $158.5 million in 2023 and 2024, respectively.</li>
</ul>


The company that describes its mission is to unlock the next era of financial, creative, and personal freedom filed for an IPO on August 15th.
As of June 30, 2025, they serve approximately 523,000 MTUs and approximately 10,000 institutions in over 60 countries, with over $18 billion of assets on their platform.
Their total revenue was $98.1 million and $142.2 million and their net loss was $319.7 million and $158.5 million in 2023 and 2024, respectively.


Gemini Space Station, Inc. (GEMI): Peeking at the IPO Prospectus of a High Profile Crypto-Platform

United States

Circle Internet Group, Inc. provides financial technology solutions. The Company provides a digital asset platform and network utility systems that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce, and financial applications. Circle Internet Group serves customers worldwide.

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Circle Internet Group (CRCL US)

Gemini Space Station, Inc. (GEMI): IPO Blasts Off With Retail Fuel, But Gravity Hits Late

Gemini Space Station debuts with a strong IPO, pricing shares above range and attracting retail investors, closing at $32.00 after hitting highs...

IPO Boutique

Gemini Space Station, Inc. (GEMI): Range Increased, Next Crypto Moonshot Potentially On Deck

Underwriters significantly increase price range for IPO, emphasizing importance of deal dynamics in short-term forecasting.

IPO Boutique

Klarna Group (KLAR): Discounted Down-Round Valuation Draws Interest, Multiple-Times Oversubscribed

Backed by major venture capital investors a steep discount at IPO may attract both new buyers and existing holders for Klarna Group's IPO.

IPO Boutique

Gemini Space Station, Inc. (GEMI): Winklevoss Crypto-Platform Seeking $2.2b IPO Valuation

Gemini to offer 16.67 million shares at $17-$19 for debut on September 12th, with underwriters reserving 10% for directed share program.

IPO Boutique

Gemini Space Station, Inc. (GEMI): Peeking at the IPO Prospectus of a High Profile Crypto-Platform

Company focused on financial, creative, and personal freedom files for IPO, serving over 500,000 MTUs and 10,000 institutions in 60+ countries...

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Gemini Space Station, Inc. (GEMI): IPO Blasts Off With Retail Fuel, But Gravity Hits Late

​Gemini Space Station debuts with a strong IPO, pricing shares above range and attracting retail investors, closing at $32.00 after hitting highs...

IPO Boutique

Gemini Space Station, Inc. (GEMI): Range Increased, Next Crypto Moonshot Potentially On Deck

​Underwriters significantly increase price range for IPO, emphasizing importance of deal dynamics in short-term forecasting.

IPO Boutique

Klarna Group (KLAR): Discounted Down-Round Valuation Draws Interest, Multiple-Times Oversubscribed

Backed by major venture capital investors a steep discount at IPO may attract both new buyers and existing holders for Klarna Group's IPO.

IPO Boutique

Gemini Space Station, Inc. (GEMI): Winklevoss Crypto-Platform Seeking $2.2b IPO Valuation

​Gemini to offer 16.67 million shares at $17-$19 for debut on September 12th, with underwriters reserving 10% for directed share program.

IPO Boutique

Gemini Space Station, Inc. (GEMI): Peeking at the IPO Prospectus of a High Profile Crypto-Platform

​Company focused on financial, creative, and personal freedom files for IPO, serving over 500,000 MTUs and 10,000 institutions in 60+ countries...

IPO Boutique

Gemini Space Station debuts with a strong IPO, pricing shares above range and attracting retail investors, closing at $32.00 after hitting highs...

Underwriters significantly increase price range for IPO, emphasizing importance of deal dynamics in short-term forecasting.

Gemini to offer 16.67 million shares at $17-$19 for debut on September 12th, with underwriters reserving 10% for directed share program.

Company focused on financial, creative, and personal freedom files for IPO, serving over 500,000 MTUs and 10,000 institutions in 60+ countries...