BitGo Holdings has confirmed the final pricing for its initial public offering (IPO) before its shares begin trading on the New York Stock Exchange (NYSE).
The company set its share price at $18, above the previously planned range of $15 to $17, according to its official statement.
BitGo’s stock will trade under the ticker “BTGO”, with trading expected to start on January 22. The offering is scheduled to close on January 23, pending standard conditions.
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At this price, BitGo expects to raise around $212.8 million in gross proceeds from the sale of roughly 11.8 million Class A shares. The offering includes 11 million new shares issued by the company and 795,230 shares from existing shareholders.
Regulatory filings with the US Securities and Exchange Commission (SEC) show that the company’s founders and senior team members hold the majority of the shares.
CEO Michael Belshe is listed as a major holder, with about one million Class A shares, primarily in the form of restricted stock units that will vest over time. He also owns several million Class B shares, which can be converted into Class A, along with options that could further increase his stake if exercised.
BitGo stated that it will not receive funds from the shares sold by current stockholders. The underwriters have also been given a 30-day option to buy up to 1.77 million additional Class A shares at the public price.
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