The transaction includes contributions from both the company and existing shareholders, with shares offered at USD 31 each, exceeding the previously indicated range.
The offering valued the company at roughly USD 6.9 billion based on outstanding shares, with a fully diluted valuation, accounting for options, restricted units, and warrants, estimated around USD 8.1 billion. The IPO is underwritten by JPMorgan Chase & Co., Citigroup Inc., and Goldman Sachs Group Inc.
According to a company statement, Circle offered 14.8 million shares in the IPO, while existing shareholders sold 19.2 million. The IPO terms were revised earlier in the week to offer 32 million shares at a price range of USD 27 to USD 28 per share, up from a previous plan of 24 million shares priced between USD 24 and USD 26.
Institutional interest in the offering included technology-focused investment firm ARK Investment Management, which indicated potential interest in acquiring up to USD 150 million in shares. BlackRock Inc. also plans to purchase around 10% of the IPO shares, according to individuals familiar with the matter cited by Yahoo Finance.
BlackRock currently manages a government money market fund that holds the majority of reserves for Circle’s USDC stablecoin. USDC accounted for an estimated 29% of the stablecoin market at the end of March, according to regulatory filings citing CoinMarketCap data.
Circle’s public listing follows a confidential filing made earlier this year, over a year after it withdrew plans to go public through a merger with a special purpose acquisition company, a deal that would have valued it at USD 9 billion. The firm had last been valued at USD 7.7 billion in a 2022 funding round, according to data from PitchBook.
The IPO comes at a time when the US Congress is reviewing legislation that could establish a clearer regulatory framework for stablecoins.
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