Circle, the issuer of USDC, the second-largest stablecoin by market capitalization, has launched an initial public offering (IPO) of 24,000,000 shares of its Class A common stock, the company announced on May 27.
The firm has applied to list its Class A common stock on the New York Stock Exchange (NYSE) under the ticker symbol CRCL. As part of the offering, Circle is issuing 9,600,000 shares of Class A common stock, the company said in a press release.
The remaining 14,400,000 shares of Class A common stock will be offered by selling stockholders, with Circle also expected to grant the underwriters a 30-day option to buy up to an additional 3,600,000 shares of Class A common stock to cover over-allotments.
The IPO involves participation from several major US investment banks, with JPMorgan, Citigroup and Goldman Sachs acting as joint lead active bookrunners, the announcement added.
The offering will also feature European banks such as Barclays, Deutsche Bank Securities and Societe Generale acting as bookrunners.
The IPO’s co-managers include BNY Capital Markets, Canaccord Genuity, Needham, Oppenheimer and Santander, while junior co-managers are represented by AmeriVet Securities, Drexel Hamilton, Mischler Financial Group and Roberts and Ryan.
This is a developing story, and further information will be added as it becomes available.
