Stablecoin issuer debut, Gemini's plan, and wannabe Labubu: the main thing about the IPO by June 8

Cryptocurrency companies are looking to capitalize on investors' returning appetite for risk. Cryptocurrency exchange Gemini announced plans to go public, a day after stablecoin issuer Circle made a triumphant debut on the NYSE. Meanwhile, in London, an IPO that could have been the largest since the beginning of 2024 was canceled at the last minute. What's new in the IPO market over the week - in our selection.

- Cryptocurrency exchange Gemini, which was founded by twins Cameron and Tyler Winklevoss, has filed a confidential application for an IPO in the United States. The size and other parameters of the offering, as well as its possible timing, have not yet been determined. After the collapse of crypto exchange FTX in 2022, many institutional investors avoided the digital asset market, but now their interest in risky assets is returning, which Gemini and other cryptocurrency companies are rushing to take advantage of, noted Reuters. Gemini announced its plans for an IPO a day after shares of stablecoin issuer Circle began trading, which sparked a frenzy of investor demand.

- Fintech startup Chime, which offers free banking services to Americans earning less than $100,000 a year, has set the parameters for an IPO to take place next week. The company plans to sell 32 million shares at prices ranging from $24 to $26. All of Chime will be valued at $11.2 billion - half the valuation that investors led by the Sequoia Capital fund gave the company in a round in 2021. Chime shares are expected to begin trading on the Nasdaq under the ticker CHYM on June 12. 

- Chinese low-cost retail chain Miniso has enlisted investment banks JPMorgan and UBS to organize an IPO of its Top Toy unit, which sells collectible toys for millennials, sources told Bloomberg. Top Toy's shares are planned to be listed on a stock exchange in Hong Kong. The listing is being prepared amid the success of Top Toy's rival, Chinese chain Pop Mart, whose shares soared more than 340% last year and another 170% this year thanks to the popularity of furry toys called Labubu.  

- The best debut on the New York Stock Exchange in recent years was shown by the cryptocurrency company Circle, which issues the world's second most capitalized stablecoin, USDC. Its shares soared nearly 170% on the first day of trading, June 5, and finished the week above $107 - that's 250% above its IPO value. Circle co-founder and CEO Jeremy Allaire became a billionaire at the end of the offering, wrote Forbes. Circle is the first stablecoin issuer to go public, and its success could encourage other crypto companies to list, wrote Bloomberg.  

- Shares of telemedicine platform Omada Health rose 21% on the first day of trading on the Nasdaq exchange. Omada Health capitalized on investor interest in the topic of weight loss with drugs like Ozempic - the platform has been serving patients with chronic obesity-related diseases for 14 years, write WSJ. 

- British company Cobalt Holdings, which buys and holds cobalt, a key metal for battery production, has abandoned a last-minute plan to hold an initial public offering in London. The listing could have been the biggest in the British capital since Air Astana's flotation in early 2024, wrote Reuters. Cobalt Holdings had hoped to raise about $230 million, but announced its intention to explore alternative financing options just a day before the scheduled start of trading.  

 - The operator of the Nasdaq exchange is in talks with companies considering entering the stock market, announced CEO Adena Friedman. "The capital markets have faced significant volatility, but it is now starting to subside a little bit," Friedman said. She said the exchange expects IPO activity to pick up in the second half of the year, although some companies at risk from trade policy uncertainty will still remain on hold until more clarity emerges.

- Hong Kong's equity markets are seeing the biggest rush in years, writes Bloomberg. Despite trade war risks, investors are being beckoned by attractive stock valuations. "We're seeing a gradual outflow of capital from the U.S. to select emerging markets, including India and Hong Kong," says James Wang, who oversees Asian equity capital markets (excluding Japan) at Goldman Sachs. Bloomberg estimates that IPOs and additional equity sales in Hong Kong have brought in $26.5 billion this year - seven times more than a year earlier and the best result since a record 2021. The boom was driven by three offerings worth more than $5 billion, most recently by battery maker CATL. Another big deal could be the IPO of online retailer Shein if it chooses Hong Kong over London.