Circle Internet Group, Inc., the global financial technology firm and stablecoin market leader, announced the launch of its initial public offering (IPO) of 24 million shares of Class A common stock, priced between $24 and $26 per share, with plans to list on the New York Stock Exchange (NYSE) under the ticker “CRCL.”
Circle Internet Group Sets IPO Terms, Eyes $26 Per Share in NYSE Listing
The IPO includes 9.6 million shares offered by Circle and 14.4 million by selling stockholders, according to a press release published on Tuesday. Underwriters have a 30-day option to purchase an additional 3.6 million shares to cover over-allotments. Circle says proceeds will depend on final pricing, with the offering aiming to raise up to $624 million at the top of the range, excluding the over-allotment option.
JPMorgan, Citigroup, and Goldman Sachs are serving as joint lead bookrunners, supported by Barclays, Deutsche Bank, and Société Générale as additional bookrunners. BNY Capital Markets, Canaccord Genuity, and Santander are among the co-managers. The underwriting syndicate includes over a dozen financial institutions, signaling strong institutional backing.
A preliminary prospectus is available via JPMorgan, Citigroup, and Goldman Sachs. The U.S. Securities and Exchange Commission (SEC) has received Circle’s registration statement, though it remains pending approval. Sales of shares are prohibited until the registration becomes effective.
The offering’s completion hinges on market conditions, with no guarantee of timing or final terms. Circle emphasized that the press release does not constitute a sales offer or solicitation in jurisdictions where such actions would violate securities laws.
The filing follows a cascade of speculation suggesting Circle might be absorbed by a major player in the crypto sphere. Not long ago, whispers emerged that Coinbase had expressed acquisition interest, and Ripple was said to have made a formal bid to buy the company, with valuations hovering between $4 billion and $5 billion. The decision to register 24,000,000 shares of its Class A common stock hints that these discussions may have dissolved without resolution.
Known for its pioneering work in the stablecoin arena through USDC, Circle’s planned IPO represents a pivotal step in connecting digital asset infrastructure with the traditional equities market. Precise pricing and listing dates remain forthcoming, set to be revealed as the offering draws near. Analysts are poised to gauge investor sentiment as Circle charts its course into the public arena, echoing Coinbase’s transition to public ownership in 2021.
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