#CircleIPO
CircleIPO
At a price of $92.50, Circle has a market capitalization of about $20.4 billion. (The value would increase to $24 billion including options, warrants, and shares that could be purchased by underwriters.) The company will raise nearly $1.1 billion from the stock sale.
Demand for the shares was expected to be strong. A managing director of trading at one Wall Street firm told Barron’s that the offering is massively oversubscribed, meaning there is more demand for the stock than available shares.
Circle had proposed a price range of $27 to $28 a share earlier this week, up from an initial range of $24 to $26. The company also raised the amount of shares it planned to sell, first from 26 million to 32 million and then again to 34 million.
Circle is the issuer of USDC
USDCUSD
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, a cryptocurrency that is pegged to the U.S. dollar. The price of USDC tends to hover around $1, hence its classification as a stablecoin.
