Stablecoin Giant Circle Bullish on IPO Demand, Boosts Offering With $7.2 Billion Valuation
Circle plans to increase its IPO by offering 32 million shares of Class A common stock at $27 to $28 each, aiming to raise up to $896 million. This is an increase from the previous plan of 24 million shares priced at $24 to $26. The revised valuation of Circle is now $7.2 billion, up from $6.7 billion. The IPO reflects heightened investor interest and is set to trade under the ticker CRCL on the New York Stock Exchange. Circle will offer 12.8 million shares, while stockholders will sell 19.2 million shares, with proceeds not benefiting Circle. J.P. Morgan, Citigroup, and Goldman Sachs are underwriting the IPO. Circle recently rejected a $4 to $5 billion acquisition offer from Ripple. Circle is the second-largest stablecoin issuer, following Tether, and aims to register its USDC stablecoin under new regulatory frameworks.
