USDC Issuer Circle Eyes $600M Raise In NYSE IPO, Targets $5.4B Valuation

Circle, the company behind the USDC USDC/USD stablecoin, is planning to raise up to $600 million through its upcoming initial public offering (IPO), according to an update submitted to the U.S. Securities and Exchange Commission.

This move positions Circle to go public on the New York Stock Exchange under the ticker symbol "CRCL."

As outlined in its amended S-1 filing, Circle intends to offer 24 million shares of its Class A common stock, of which 9.6 million will be issued directly by the company, while the remaining 14.4 million will come from current shareholders.

Additionally, underwriters may be given a 30-day option to purchase an extra 3.6 million shares to cover any overallotments.

The share price is expected to land between $24 and $26, pending market conditions, and while the offering is not yet finalized, a midpoint estimate would value Circle at approximately $5.43 billion based on a fully diluted share count of over 217 million shares.

Lead underwriters on the deal include major financial firms JPMorgan JPM, Goldman Sachs GS and Citigroup.

If the IPO proceeds as projected, Circle itself would net roughly $240 million from the offering, while selling shareholders could receive around $360 million.

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Asset manager ARK Invest has expressed non-binding interest in purchasing up to $150 million worth of the IPO shares, though the final allocation remains uncertain and subject to change.

The IPO filing comes shortly after Circle publicly denied rumors of acquisition talks with Coinbase COIN and Ripple XRP/USD, reinforcing that the company is not for sale and remains committed to its strategic roadmap.

CEO Jeremy Allaire has said that the IPO marks another step toward enhanced transparency and public accountability for the company.

This isn't Circle's first attempt at going public.

A prior SPAC merger plan, which would have valued the firm at $9 billion, was scrapped during the market downturn in 2022.

Today, Circle's USDC remains the second-largest stablecoin in circulation, with a market capitalization of $62.1 billion, trailing behind Tether's USDT USDT/USD, which leads the sector with $238.3 billion in supply.

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