The stablecoin issuer Circle Internet Group, Inc. has once again increased its initial public offering (IPO) size to $1.05 billion, with stock pricing exceeding the previous marketing range.
The USDC stablecoin management company announced on June 4 that it plans to offer 34 million shares at a price of $31 per share when it debuts on the New York Stock Exchange on June 5.
Previously, Circle planned to issue 32 million shares at a price of $27 to $28 per share, which was already higher than its initially announced plan of $24 to $26 per share for 24 million shares.
Circle has also granted its underwriters a 30-day option to purchase an additional 5.1 million shares.
Based on the more than 220 million shares outstanding listed in the documents submitted to the Securities and Exchange Commission on June 2, the latest IPO pricing values Circle at $6.9 billion.
The company currently has no intention of distributing dividends to shareholders but plans to "retain all available funds and any future earnings for business development and expansion," according to the document.
Reportedly, asset investment giant BlackRock has indicated plans to acquire at least a 10% stake when the stablecoin giant goes public.
At the previously set issuance price of $27 per share, Circle stated it would net $319 million, which will be used to pay $111 million in tax withholding and obligations, invest in new products, business expansion, and potential acquisition projects.
Initially, Circle submitted its IPO application to the SEC on April 1, but paused its plans after President Trump's tariff announcement on April 2 led to a global market downturn and stalled several upcoming public offerings.
The company also attempted to go public in 2021 when Circle was to be acquired by an Irish holding company. However, that deal ultimately fell through.
As Circle scales up its IPO, other crypto companies are also increasing their IPO sizes, including the crypto and stock trading platform eToro, which raised its IPO size in May to $620 million, up from the previous $500 million.
Other crypto companies are also considering public listing plans. Reports indicate that the crypto exchange Kraken is contemplating an IPO this year.
Crypto custody service BitGo launched a global digital asset over-the-counter trading platform in February, and it has been reported that the company is preparing for an IPO later this year.
In 2021, Coinbase became the first major crypto company to go public in the U.S., listing its shares on Nasdaq.
Related: A man was arrested in Ukraine for invading custody accounts to mine cryptocurrency.
Original article: “Stablecoin giant Circle upsizes IPO to $1.05 billion”
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