Circle IPO Exceeds Expectations with Strong Investor Demand
Circle is set to price its initial public offering above the marketed range as investor orders surpass expectations, according to Bloomberg sources. The stablecoin issuer and its backers are offering 32 million shares at a price range of $27 to $28, aiming to raise up to $896 million. At the high end of the range, Circle’s implied market capitalization would be around $6.2 billion, with a fully diluted valuation of about $7.2 billion.
The IPO, set to price on June 4 in New York, reflects significant demand from institutional investors. Originally sized at 24 million shares with a range of $24 to $26, final allocations are expected to prioritize long-term holders. Circle is known for USDC, the second-largest stablecoin in circulation, holding approximately 29% of the market as of March.
The IPO arrives amid discussions on stablecoin legislation by US lawmakers, potentially bringing regulatory clarity to digital dollar-pegged tokens. Major financial firms have shown interest in Circle’s offering, with Ark Invest looking to purchase up to $150 million worth of shares and BlackRock expected to acquire 10% of the total offered shares.
Leading underwriters for the offering include JPMorgan, Citigroup, and Goldman Sachs. Circle is set to trade on the New York Stock Exchange under the ticker symbol “CRCL.” Traditional financial institutions are also exploring stablecoin initiatives, with reports of Wall Street banks like JPMorgan considering joint issuance efforts.
Source: CryptoSlate
