5 Companies Kick Off IPO Roadshow: Klarna, Figure, Gemini, Legence, and Black Rock Coffee Bar

Five companies, including Klarna, Figure, Gemini, Legence, and Black Rock Coffee Bar, have kicked off their initial public offerings (IPOs) in the US, targeting valuations ranging from $2.2 billion to $14 billion. The IPO market is showing signs of warming up in the second half of 2025, following a slowdown in the first half of the year due to government tariffs.

Five companies have initiated their initial public offerings (IPOs) in the US, signaling a resurgence in the IPO market following a slowdown earlier in the year. The companies, including Klarna, Figure Technology Solutions, Gemini, Legence, and Black Rock Coffee Bar, are targeting valuations ranging from $2.2 billion to $14 billion. This wave of IPOs comes as the market warms up in the second half of 2025, driven by reduced volatility and easing of regulations [2].

Klarna
Swedish fintech company Klarna has announced its IPO, targeting a valuation of $14 billion. The company, known for its buy-now-pay-later service, is expected to list on the New York Stock Exchange (NYSE) [4].

Figure Technology Solutions
Figure Technology Solutions, a blockchain-powered lender, has revealed plans to raise about $526 million through its IPO. The company aims to sell over 26 million Class A common stock at an expected price of between $18.00 and $20.00 per share. Figure focuses on leveraging blockchain technology to streamline lending, trading, and investing [1].

Gemini
Gemini, a crypto exchange led by the Winklevoss twins, is seeking to raise up to $361 million in its IPO. The company aims to sell 16,666,667 shares of Class A common stock at between $17.00 and $19.00 per share. If successful, Gemini will become the third publicly traded crypto exchange in the US, following Coinbase and Bullish [1].

Legence
Legence, an engineering and maintenance services provider, has not disclosed its valuation target but is expected to list on the NYSE. The company is seeking to raise funds through its IPO [4].

Black Rock Coffee Bar
Black Rock Coffee Bar, a cafe chain, is targeting a valuation of up to $860.7 million in its IPO. The company is seeking to raise up to $265 million by offering 14.7 million shares priced between $16 and $18 apiece. Black Rock Coffee will list on the Nasdaq under the symbol "BRCB" [3].

The IPO market has shown signs of recovery, with companies across various sectors launching their IPO roadshows. The fall window, traditionally one of the busiest for new deals, is expected to see a flurry of activity as investors return after the summer lull [4].

References:
[1] https://www.theblock.co/post/369119/crypto-ipo-market-heats-up-with-figure-seeking-500-million-gemini-over-300-million
[2] https://www.pymnts.com/news/ipo/2025/gemini-targets-2-billion-dollar-valuation-ipo/
[3] https://www.marketscreener.com/news/cafe-chain-black-rock-coffee-bar-targets-861-million-valuation-in-rare-us-consumer-ipo-ce7c50d3dc80f223
[4] https://finance.yahoo.com/news/us-ipo-market-reopens-fall-141138210.html