- Circle has increased both the number of shares and the price range for its planned IPO in a new SEC filing.
- The company now targets a $7.2 billion fully diluted valuation.
- The IPO may raise up to $896 million by selling 32 million shares at $27 to $28 each.
- The new plan is an expansion from last week’s initial IPO strategy, which aimed for a $6.7 billion valuation with fewer shares at a lower price.
- Earlier this year, Ripple reportedly attempted to acquire Circle for $4–5 billion, but the offer was declined as too low.
Circle, a major stablecoin issuer, has updated its initial public offering (IPO) plans, increasing the number of shares and the price range it expects to offer on Wall Street. This change was documented in a recent filing with the Securities and Exchange Commission (SEC), with shares expected to begin trading later this week on the New York Stock Exchange under the ticker CRCL.
According to the filing, Circle plans to sell 32 million Class A common shares at a price of $27 to $28 each. This could raise up to $896 million and now gives the company a fully diluted valuation of $7.2 billion. Last week, Circle had planned to offer 24 million shares at $24 to $26 each, which would have valued the company at $6.7 billion.
The updated IPO plan indicates strong investor demand. Such last-minute IPO adjustments often signal strong interest in the company’s public offering, as the filing notes. The company is offering 12.8 million shares itself, while shareholders—such as General Catalyst, Breyer Capital, and IDG Group—plan to sell an additional 19.2 million shares. Funds from shareholder sales will not go to Circle.
Earlier this year, Ripple reportedly offered to purchase Circle for between $4 billion and $5 billion, but the proposal was rejected. Circle’s leadership considered the offer too low.
J.P. Morgan, Citigroup, and Goldman Sachs are the lead underwriters for the IPO. Circle is the world’s second-largest stablecoin company, issuing the USDC stablecoin, which is tied to the U.S. dollar. While market leader Tether may not offer its USDT stablecoin in America if new regulations pass, Circle has expressed a willingness to register its products under future U.S. legislation.
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