As per an official SEC filing, Stablecoin issuer Circle is going ahead with its initial public offering, where it plans to sell 24 million shares of Class A common stock. The company is looking to raise about $624 million at a $5.65 billion valuation.
Of the total offering, 9.6 million shares will be a fresh issue, while existing shareholders will give up 14.4 million shares as part of the Offer for Sale (OFS). The initial public offering is expected to be priced between $24 to $26 per share, though final pricing will depend on demand and market conditions.
Reports suggest that ARK Investment Management LLC is likely to pick up shares worth up to $150 million when the offer opens, likely next week. Circle is applying for listing on the New York Stock Exchange (NYSE) under the ticker symbol CRCL. J.P. Morgan, Citigroup, and Goldman Sachs & Co. LLC are the joint lead book runners for this initial public offering.
Circle is a stablecoin company that issues the USDC token, which is the second-largest stablecoin by market capitalization with roughly $62 billion in circulation. USDC is redeemable on a 1:1 basis with the U.S. dollar.
Stablecoins are gaining popularity, especially as the industry looks forwards to a positive outcome from the 2 U.S. legislations that will give stablecoins a regulatory framework. Reports suggest President Donald Trump wants to see these bills passed before congress goes into recess in August.
