Circle submitted an updated IPO application valued at $5.4 billion

The company Circle, which issues the stablecoin USDC, has updated its documents for an initial public offering (IPO) on the New York Stock Exchange (NYSE). The goal is to raise approximately $600 million at a company valuation of $5.4 billion.

According to the filing with the U.S. Securities and Exchange Commission (SEC), Circle plans to sell 9.6 million Class A common shares at a price ranging from $24 to $26 per share. An additional 14.4 million shares will be offered by current shareholders. Underwriters will receive an option to purchase an additional 3.6 million shares within 30 days.

With an average price of $25 and a total number of shares of 217.3 million (including options), Circle's market capitalization will reach $5.43 billion. The company will receive $240 million, while selling market participants will receive $360 million.

The leading underwriters will be JPMorgan, Citigroup, and Goldman Sachs.