While Bullish’s IPO has improved with a higher estimated price range, it’s still well under the $9 billion enterprise value it had proposed in its planned merger with a special-purpose acquisition company, or SPAC, in 2022, when the market for new stock issues was drying up. That deal was not completed.

Crypto exchange Bullish's (BLSH) shares were indicated to open in the range of $55-$60 per share, representing a ~62% jump from the initial public offering price of $37, according to a media report published Wednesday.

The ideal first-day gains are typically around 20% to 30%, many bankers who work on deals say. Bullish closed the day at $68, giving it a market capitalization of roughly $10 billion. Its stock, which trades under the symbol “BLSH,” was temporarily paused after it began trading.

A Stellar Debut for Bullish Bullish (NYSE:BLSH) is a cryptocurrency exchange that is backed by Peter Thiel. It made a thunderous entrance into the public markets with its initial public offering (IPO) yesterday,

August is typically a quiet month for IPOs, but this year, Bullish, Figma and Firefly Aerospace have ignited the new-issues market.