Gemini Space Station, Inc. (GEMI): IPO Blasts Off With Retail Fuel, But Gravity Hits Late
Gemini Space Station’s (GEMI US) didn’t quite reach lunar heights with the pre-IPO price range jump possibly taking a bit of the sizzle out of the debut.
Nonetheless, 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, up 32.2% on first trade, prompting volatility halts. 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. Brokers including SoFi, E*TRADE, Webull, and Robinhood participated, reflecting Gemini’s strategy to engage the mass-market audience in digital assets.
The IPO’s pricing journey was unprecedented. The company raised its range twice, first from $17–$19 to $24–$26, before ultimately pricing at $28. Market sources report that demand was more than 20x oversubscribed, underscoring robust pre-IPO enthusiasm. The aftermarket, however, did not replicate the pre-market fervor seen in other digital asset IPOs like Circle Internet Group (CRCL US) and Bullish US (BLSH US) , which experienced greater sustained upside volatility on its debut day.
Despite late-day selling, Gemini remains a notable entrant in the crypto IPO space. We anticipate that with continued product launches, regulatory tailwinds, and high-profile visibility, the company will remain in investors’ spotlight, though the story is still being written.
Figure Technology Solutions (FIGR): Figure Cracks the Block, IPO Pops 44% at Open
The Figure Technology Solutsions (FIGR US) IPO created a buzz.
Headlined as a company that could disrupt traditional lending, Figure Technology Solutions priced 31.5M shares at $25.00, coming $3 above the upwardly revised $20–$22 range. Shares opened at $36.00 (+44%), spiked to $38.05 in the first minute, but steadily sold off through the session. FIGR closed at $31.11 (+24.4%), still well above issue.
Positioned at the intersection of blockchain and lending, Figure has quickly drawn the attention of traders looking for disruptive fintech stories. Founder Mike Cagney, previously co-founder/CEO of SoFi (SOFI US), is leveraging his playbook of scaling fintech platforms to build what Figure describes as the largest player in public blockchain real-world asset transactions.
According to our sources, the deal was considered multiple-times oversubscribed — north of 25-times oversubscribed. The offering was assisted by a $50 million anchor from Duquesne Family Office LLC or Stanley Druckenmiller’s firm. Additionally, the underwriters reserved for sale 5% of the deal creating additional “share scarcity”.
Klarna Group (KLAR): Pops at Open but Fades Into Weak Aftermarket Following Above-Range IPO Pricing
Klarna Group’s (KLAR US) IPO is known as a “buy-now, pay-later” giant. On the IPO market, it turned out to be a buy-now, sell-now play.
Klarna priced a full-size IPO of 34.3 million shares at $40.00, coming in $3 above the marketed range. Shares opened on Tuesday at $52.00, a +30.0% gain at first trade, and quickly surged to $57.20 within the first minute. From there, the stock sold off throughout the session, trading below VWAP for much of the day, and closed at $45.82, only +14.6% above the IPO price and at session lows.
While demand metrics were strong, the aftermarket was weaker than expected, raising questions about positioning and the ability of underwriters to place stock into stronger hands.
The deal reflected exceptional institutional interest, reportedly 25x oversubscribed, with half the order book zeroed. The top 10 accounts received 45% of allocations, and the top 25 took 65%.
The heavy oversubscription and premium pricing highlighted robust institutional interest, but aftermarket trading revealed weaker follow-through. This type of trend has been all-too-familiar in 2025 with skyrocket openings being met with steady selling. Despite a strong open, shares lost momentum quickly, suggesting rotation as early investors sold into strength. Klarna traded as low as $40.25 in its third session which was just $0.25 above issue.
Black Rock Coffee (BRCB): IPO Brews Strong Open, Steams Higher in Aftermarket
Black Rock Coffee Bar (BRCB US) made its public debut Friday with a frothy opening trade that reflected strong investor appetite for growth-focused consumer names. The Oregon-based coffee chain priced its IPO at $20.00 per share, above the marketed range of $16–$18, raising $294 million through the sale of 14.7 million shares.
The stock opened at $26.50, a 32.5% premium to issue, before briefly dipping to $25.05 in the first 20 minutes of trading. Buyers quickly stepped in, and shares climbed through the session, hitting a late-day high of $29.50 before closing at $27.53, up 37.6% from the IPO price.
The offering was well-supported, bolstered by a $30 million anchor order from Wellington Management and a 5% directed share program. Strong pre-IPO demand allowed underwriters J.P. Morgan, Jefferies, Morgan Stanley, and Baird to price shares above range. The deal was considered multiple-times oversubscribed from our sources and that demand helped secure a first-day win for the coffee chain.
Via Transportation (VIA): Above-Range Ticket, Below-Range Start — Via IPO Finds Its Route
Via Transportation (VIA US) hit a detour out of the gates but quickly got back on track.
The company that has a goal of “disrupting transpiration” priced its public offering at $46.00 per share, above the marketed range of $40–$44, but opened at $44.00, down 4.5% from issue, on Friday. Investors quickly stepped in, and within 30 minutes, the stock climbed above the IPO price. VIA traded in range for most of the session before gaining late-day momentum, reaching an intraday high of $52.72 and closing at $49.51, a 7.6% gain from the open and 7.7% above issue. Volume was light at 5.04 million shares which was roughly half of the 10.7 million share float.
The IPO drew strong demand in the lead-up to pricing, with the deal multiple-times oversubscribed and institutional interest pushing the price above the range. Notably, Wellington Management placed an anchor order of up to $100 million, representing 21% of the offering, providing instant credibility. Underwriters reserved 5% of shares for officers and certain affiliated parties via a directed share program.
Looking forward, we see Via as a potential long-term play, given the sticky nature of its contracts and the enormous opportunity to modernize public transportation infrastructure.
Legence Corp. (LGN): Blackstone’s Legence (LGN) Stumbles at Open, Recovers on Buyer Demand
Another private equity backed IPO broke on its debut but buyers were there to pick up the pieces after it opened.
Legence (LGN US) made its public market debut Friday in a closely watched, private-equity–backed offering that initially stumbled but quickly found its footing. The company, which specializes in engineering and sustainability services for mission-critical buildings, sold 26 million shares at $28.00 apiece, in the upper half of the $25 to $29 range.
Shares opened below issue at $27.00, down 3.6% from the offer price, but buying interest built quickly. Within 30 minutes, the stock had crossed above issue and never looked back, closing near session highs at $30.50. That finish represented a 9% gain versus the IPO price and a 13% rise from the open. Traders said the steady climb underscored institutional support, with buyers adding to positions both below and above the offer level.
LB Pharmaceuticals Inc. (LBRX): Strong Open, Schizophrenia Biotech Finds Early Momentum
LB Pharmaceuticals (LBRX) priced an upsized IPO of 19.0 million shares (from 16.7 million) at the midpoint of the range, $15.00. Shares opened at $19.00, delivering a +26.7% gain at first trade, and climbed to an intraday high of $20.25 before settling into a steady trading range. The stock closed near its lows of the day at $17.30, still +15.3% above issue price.
Biotech IPOs of this size often rely heavily on existing investors. LB Pharmaceuticals’ shareholder base includes Deep Track (19.9%), Vida Ventures (16.0%), Pontifax (12.0%), and TCG Crossover (12.0%). Their continued potential participation in the IPO has provided stability in its debut on the Nasdaq. Volume on day one was 3.7 million shares, consistent with expectations for a small-cap biotech debut versus the float. We expect volume to trail off in the coming sessions given the nature of the stock.