Circle Internet Group, the firm behind the prominent stablecoin USDC, has officially filed for an initial public offering (IPO) on the New York Stock Exchange, as announced on Tuesday. This marks a significant milestone in the company’s journey, signaling its ambitions to become a public entity.
In this IPO, Circle is offering 24 million of its class A shares, with 9.6 million shares being offered directly by the firm and 14.4 million by selling stakeholders. Furthermore, Circle anticipates granting underwriters a 30-day option to purchase up to an additional 3.6 million shares, which could further enhance the offering’s appeal.
The anticipated IPO price is set within the range of $24 to $26 per share. Should the offering achieve the higher end of this spectrum, Circle could potentially raise nearly $250 million, while selling stakeholders could see returns approaching $375 million for their stakes.
Leading the offering are major financial institutions including J.P. Morgan, Citigroup, and Goldman Sachs & Co. LLC, which are acting as joint lead active bookrunners. Once listed, the stablecoin giant will trade under the ticker symbol ‘CRCL.’
Circle has been exploring the option of going public for nearly four years. The firm initially attempted to enter the public market in 2021 through a special purpose acquisition company (SPAC), a venture that ultimately fell through.
In April, Circle took a significant step by filing an S-1 form with the Securities and Exchange Commission (SEC) in pursuit of its listing. However, reports later indicated that the firm was considering a delay in its IPO plans.
Adding to the intrigue, a recent report from Fortune revealed that Circle had been exploring a potential $5 billion sale to major players in the crypto space, such as Coinbase and Ripple, as an alternative to the IPO approach.
For further details on this development, check out our article: Circle Has Explored Potential $5B Sale to Coinbase or Ripple Instead of IPO: Report
UPDATE (May 27, 11:47 UTC): Additional details on Circle’s IPO history have been included.
