Circle Internet Group expanded the size of its initial public offering (IPO) on June 4th, Eastern Time of the United States. It sold 34 million shares at a price of $31 per share, raising nearly $1.1 billion, and the pricing was higher than the previous market expectation range. This IPO was underwritten by jpmorgan Chase, Citigroup and Goldman Sachs. Its shares were listed on the New York Stock Exchange on June 5th, Eastern Time, with the stock code CRCL.
Based on the number of outstanding shares listed on Circle filings, the pricing brings the company ‘s market capitalization to $6.9 billion. If employee stock options, restricted stock units and warrants are included, the company’ s fully diluted valuation is about $8.1 billion.
Earlier documents submitted by Circle showed that its IPO target was raised to 32 million shares on Monday, with a pricing range of $27 to $28 per share, higher than the initially planned 24 million shares ($24 to $26 per share). This scaled transaction has triggered strong demand. As of the order deadline on Tuesday, the subscription volume exceeded 25 times the number of available shares. Insiders said that BlackRock plans to acquire about 10% of the shares in this IPO.
This IPO comes at a time when stablecoins are about to be brought under regulation by legislation currently under review by the US Congress. This development may give stablecoins higher legitimacy, but it may also attract competitors. Several major Wall Street banks are jointly discussing whether to issue their own stablecoins.
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