Resolution criteria
Resolves to the single option whose U.S.-listed IPO (NYSE or Nasdaq) priced between 12:00 a.m. ET Sep 1, 2025 and 11:59 p.m. ET Sep 30, 2025 raised the largest gross proceeds at pricing: IPO price × number of shares in the base offering (primary + secondary). Excludes any over‑allotment/greenshoe unless exercised at pricing; excludes SPACs, direct listings, closed‑end funds, and unit offerings. If a deal has multiple tranches, only the U.S. tranche counts.
Verification: issuer “pricing” press release and/or final prospectus on SEC EDGAR; reputable deal reports (Barron’s/FT/Reuters); IPO trackers (Renaissance Capital). Examples: Klarna pricing coverage; StubHub/Via/Figure/Gemini terms; Renaissance profiles. (investors.klarna.com, barrons.com, ft.com, reuters.com, renaissancecapital.com)
Tie-breakers if exact gross proceeds are equal: (1) larger primary proceeds to the issuer; if still tied, (2) more total shares sold; if still tied, (3) earlier timestamp on the issuer’s pricing release.
Background
Klarna (KLAR): Priced Sep 9 at $40, raising about $1.37B; trades Sep 10 on NYSE. Currently the largest September deal so far. (reuters.com, barrons.com, ft.com)
StubHub (STUB): Terms 34M shares at $22–$25; up to ~$851M gross if priced at the top (ex‑shoe). Roadshow active. (reuters.com, wsj.com)
Via Transportation (VIA): Terms 10.7M at $40–$44; up to ~$471M. (reuters.com)
Figure Technology Solutions (FIGR): Upsized to 31.5M at $20–$22; up to ~$693M. (reuters.com)
Gemini (“Gemini Space Station”, GEMI): Range lifted to $24–$26 for 16.67M; up to ~$433M; separate $50M private placement with Nasdaq (not counted in IPO proceeds here). (reuters.com)
Considerations
Sizing can change at pricing; deals can slip to October or be withdrawn (withdrawn/unpriced deals don’t count). (renaissancecapital.com)
Use base deal size at pricing; ignore later greenshoe exercises.
Some legal issuer names differ from brand (e.g., “Gemini Space Station, Inc.” for Gemini exchange). (investing.com)
1,000