Circle seeks to expand its IPO size, with a new valuation of $7.2 billion

BlockBeats News: On June 3rd, Circle Internet Financial announced on Monday that its expanded initial public offering (IPO) is now seeking a valuation of $7.2 billion. This move reflects greater interest from investors in the company, which is expected to raise up to $896 million by selling 32 million shares. The preliminary registration statement submitted by the company to the US Securities and Exchange Commission on May 27th stated that Circle will issue 24 million shares of Class A common stock at a price range of $24 to $26 per share. Circle currently plans to sell its shares at a price of $27 or $28 per share. A SPAC merger deal cancelled in 2022 valued the company at $9 billion. Large companies including BlackRock have expressed strong interest in supporting the company's IPO process.