Quick take:
Circle offered 14,800,000 shares of Class A common stock with the selling stockholders offering 19,200,000 shares.
The company has also granted underwriters a 30-day option to purchase additional 5.1 million shares.
Circle stock started trading on the New York Stock Exchange on June 5 under the symbol CRLC, while the offering is expected to close on June 6 after satisfying customary closing conditions.
Circle Internet Group, Inc. (NYSE: CRLC) has raised $1.05 billion in an initial public offering on the New York Stock Exchange. The financial technology and stablecoin issuer offered 14,800,000 shares of Class A common stock with the selling stockholders offering 19,200,000 shares.
Overall, Circle offered 34 million shares of its common stock priced at $31 per share, valuing the company at $6.9 billion on shares outstanding. The New York-based company has also granted underwriters a 30-day option to purchase additional 5.1 million shares.
Circle stock started trading on the New York Stock Exchange on June 5 under the symbol CRLC, while the offering is expected to close on June 6 after satisfying customary closing conditions.
The pricing of the IPO shifted significantly from the initial target range of $24-$26 to $27-$28, before eventually listing at $31. The shares on offer also increased from 24 million to 32 million, with the eventual number reported to be 34 million.
J.P. Morgan, Citigroup, and Goldman Sachs acted as the joint lead book-runners, with Barclays, Deutsche Bank Securities and SOCIETE GENERALE acting as book-runners, while BNY Capital Markets, Canaccord Genuity, Needham & Company, Oppenheimer and Santander are acting as co-managers.
Circle’s NYSE debut follows a financial year that saw it report $156 million in net income from a revenue of $1.68 billion. This was a significant decline from the 2023 net income of $268 million.
Among the stablecoin company’s top backers is BlackRock was reported to be acquiring 10% of CRCL stock, according to Bloomberg, while ARK Invest wanted to buy up to $150 million worth of shares.
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