IPO

Via Transportation, Inc. announced the pricing of its IPO of 10,714,285 Class A shares at $46.00 per share, expected to begin trading on the NYSE under “VIA” on September 12, 2025, and close on September 15, 2025. Underwriters have a 30-day option to purchase an additional 1,607,142 shares. Goldman Sachs, Morgan Stanley, Allen & Company LLC, and Wells Fargo Securities are lead bookrunners. Via provides technology to optimize public transit networks, using real-time data and on-demand algorithms to modernize transportation systems in hundreds of cities across more than 30 countries.

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has priced its IPO at $28 per share, valuing the company at $3.3 billion. The IPO, limited to $425 million, witnessed strong demand exceeding the initial price range. Up to 30% of shares are allocated for retail investors via platforms like Robinhood. Nasdaq’s $50 million investment provides a confidence boost. Gemini, founded in 2014, manages over $21 billion in assets and offers diverse services, including its own stablecoin and a crypto-backed credit card. The IPO’s success will gauge market appetite for crypto-related offerings amid potential profitability challenges.

Klarna, the BNPL giant, debuted on the NYSE with shares surging 30% above the $40 IPO price, valuing the company at $15 billion. The IPO raised $1.37 billion. CEO Sebastian Siemiatkowski likened the event to a wedding, marking a milestone but highlighting ongoing challenges. Klarna’s strategic shift to banking services, particularly in the US, faces competition from Affirm and others. The BNPL sector is intensely competitive and faces increasing regulatory scrutiny, particularly in Europe. Sequoia, an early investor, saw significant returns, while SoftBank’s later investment faced valuation decline.

Klarna, the BNPL giant, priced its IPO at $40 per share, valuing the company at $15 billion. It raised $1.37 billion and will list on the NYSE as “KLAR.” The IPO reflects cautiously optimistic sentiment towards tech listings, despite economic uncertainty and competition. Klarna is expanding beyond BNPL to become a digital retail bank. While the company reported a recent net loss, revenue grew 20% year-over-year. $1.17 billion of the IPO proceeds will go to shareholders, and $200 million will go to the company.

Gemini, the crypto exchange founded by the Winklevoss twins, has received a $50M strategic investment from Nasdaq ahead of its IPO this week. Nasdaq aims to provide custodial services for financial institutions engaging with crypto, leveraging Gemini’s infrastructure. Gemini will become a key distribution partner for Nasdaq Calypso. This move follows Nasdaq’s SEC filing for tokenized stock trading, demonstrating a broader embrace of digital assets by traditional finance and aiming to maximize Gemini’s valuation. Gemini held over $21 billion in assets as of July.

Unitree Robotics, a Chinese humanoid robot company, is preparing for a $7 billion IPO to solidify its global position. The company is already profitable, with revenue exceeding $140 million, and has attracted investment from major tech players. Unitree’s IPO aligns with China’s strategy to lead in AI and robotics, supported by favorable government policies. While other players like Agibot and Tesla compete, Unitree currently has a commercialization advantage with competitive pricing. Global humanoid robot shipments are expected to rise significantly, indicating vast market potential.

StubHub aims to raise up to $851 million in its IPO, valuing the company at potentially $9.2 billion, offering shares between $22 and $25 each. The IPO follows previous delays due to market volatility. StubHub will trade on the NYSE under the ticker “STUB.” The company’s Q1 revenue increased 10% to $397.6 million, with operating income at $26.8 million, but net loss widened to $35.9 million. Reacquired by co-founder Eric Baker in 2020, StubHub initially sought a $16.5 billion valuation.

Klarna, initially known for its BNPL model, is transitioning to a comprehensive digital bank ahead of its IPO. The IPO, expected to value Klarna at up to $14 billion, will test investor confidence in this pivot. Klarna faces the challenge of convincing investors of its neobank strategy, expanding banking services despite recent losses, while showing 20% YOY revenue growth. Its success hinges on demonstrating a path to profitability in a changing economic landscape, comparing itself with public peers like Affirm.

GSR IV Acquisition Corp. (GSRF) has closed its $230 million IPO, including the full exercise of the over-allotment option. The offering consisted of 23 million units at $10.00 each. Each unit includes one Class A ordinary share and one-seventh of a right, convertible into shares upon a business combination. Units trade on Nasdaq under “GSRFU,” with shares and rights to follow under “GSRF” and “GSRFR.” Polaris Advisory Partners and The Benchmark Company were joint bookrunners; the latter acting as qualified independent underwriter. GSRF is a blank check company seeking a merger target.

Figma’s stock plummeted nearly 20% after its first earnings report as a public company, despite revenue of $249.6 million, a 41% year-over-year increase. Analysts noted the report as a “non-event,” highlighting the stock’s volatility since its IPO. Figma’s value has dropped over 50% from its initial trading day, with a market cap now around $27 billion. Q3 revenue is projected at $263-$265 million, a 33% growth. The company’s net retention rate decreased slightly from 132% to 129%, requiring a clear strategy for sustained growth.