Circle, the organization behind the USDC stablecoin, has taken steps to file for an initial public offering (IPO) on the New York Stock Exchange. This announcement came on a Tuesday, highlighting that Circle plans to sell 24 million class A shares, with 9.6 million being offered by the company itself and 14.4 million by its stakeholders. The expected pricing for these shares will range from $24 to $26, and they will trade under the symbol CRCL.
Key Points:
- Circle Internet Group has submitted its IPO filing to the NYSE.
- It intends to sell 24 million class A shares, with a split of 9.6 million from the company and 14.4 million from stakeholders.
- The IPO share price is projected to be between $24 and $26.
In its filing, Circle stated that it might offer underwriters a 30-day option to purchase an additional 3.6 million shares. With the IPO priced at the higher end of the range, Circle could potentially secure close to $250 million, while stakeholders may gain approximately $375 million from their shares.
Notably, Cathie Wood’s ARK has expressed interest in acquiring $150 million worth of shares offered through this IPO.
Companies like J.P. Morgan, Citigroup, and Goldman Sachs are jointly handling the offering as lead bookrunners. Circle, which has been pursuing its public listing for nearly four years, initially attempted to go public in 2021 through a SPAC, but that effort was unsuccessful.
In a recent April filing with the Securities and Exchange Commission (SEC), Circle indicated their intention to list, although there were indications that they were considering delaying the IPO.
According to Fortune, Circle also contemplated a $5 billion acquisition rather than proceeding with the IPO route, with interested parties including Coinbase and Ripple, both prominent players in the crypto and payments sector.
