Circle Soars 168% In First Day Of Trading On NYSE Following Strong IPO
Circle Internet Group's shares surged 168% on their debut on the New York Stock Exchange, opening at $69, significantly above the IPO price of $31. The IPO was priced above expectations, valuing the company at approximately $6.8 billion before trading began. By the end of the trading session, Circle's trading volume reached about 46 million shares, exceeding available shares. CEO Jeremy Allaire emphasized the importance of compliance and building relationships with governments for the company's success. Circle's market capitalization rose to $16.7 billion after the trading surge, despite an initial market value of $6.1 billion. The company raised around $1.1 billion through the offering. Circle previously attempted to go public via a SPAC merger, which failed due to regulatory issues. Major shareholders include General Catalyst and IDG Capital.
