#CircleIPO Circle Internet Group, Inc. has launched its initial public offering (IPO) of 24 million shares of Class A common stock. Here's what you need to know ¹ ²:
- *IPO Details:*
- *Ticker Symbol:* CRCL
- *Exchange:* New York Stock Exchange (NYSE)
- *Price Range:* $24 to $26 per share
- *Shares Offered:* 24 million Class A shares (9.6 million shares from Circle and 14.4 million shares from existing stockholders)
- *Use of Proceeds:*
- Only the primary shares sold by Circle (9.6 million shares) will generate capital for the company's operations.
- Proceeds from selling stockholders won't flow back into the business.
- *Investment Banks Involved:*
- Lead active bookrunners: J.P. Morgan, Citigroup, and Goldman Sachs
- Bookrunners: Barclays, Deutsche Bank Securities, and Societe Generale
- Co-managers: BNY Capital Markets, Canaccord Genuity, Needham, Oppenheimer, and Santander
- *Circle's Business:*
- Circle is a global financial technology firm that enables businesses to harness digital currencies and public blockchains for payments, commerce, and financial applications.
- Issues USDC and EURC stablecoins, with USDC having a circulating supply of around $61.4 billion.
- *Revenue Model:*
- Circle generates revenue primarily through interest earned on USDC reserve assets, which are parked in short-term U.S. Treasuries and similar instruments.
- The company is working on broadening use cases for USDC and diversifying revenue streams through value-added services like custody, tokenization tools, and compliance-as-a-service offerings.
