According to a May 27 announcement, USDC Stablecoin Issuer Circle has submitted it to be published under the “CRCL” through an initial public offering at the New York Stock Exchange (NYSE).
The company plans to provide 24 million shares of Class A common stock as part of its listing. The Circle will directly issue 9.6 million of its total shares, while existing shareholders will sell 14.4 million.
IPO prices are expected to range from $24-$26 per share. Based on this pricing, the offering could potentially increase by $624 million.
Circle receives only about $250 million from its contract share. However, if the underwriter exercises the full overall option to purchase an additional 3.6 million shares, the Stablecoin issuer could raise $343.2 million.
Meanwhile, the offer is subject to regulatory approval and broader market conditions.
Circle IPO Move Gets Wall Street Lining
Major US financial institutions such as JPMorgan Chase, Goldman Sachs and Citigroup help circles provide IPOs. These companies lead the process as co-active book runners.
They will be joined by other major banks, including Barclays, Deutsche Bank Securities and Societe Generale, who acts as a bookrunner.
Additional support is available from BNY Capital Markets, Canaccord Genuity, Needham & Company, Oppenheimer & Co. , and is listed as a co-manager from Santander.
Other companies included in this transaction are Amerivet Securities, Drexel Hamilton, Mishler Financial Group, and Roberts & Ryan. These companies act as junior co-managers.
What does this mean for the market?
This IPO filing demonstrates the growing ambitions of circles in traditional finance.
The move will provide investors with new channels to be exposed to the expansion of the Stablecoin market, and Circle’s success could set precedents where other crypto-born companies are keeping their eye on public lists.
In particular, circle movements arrive amid a renewed interest in institutions in digital assets. It has been suggested that top US banks, including JPMorgan, are working together on the Stablecoin project recently.
It also follows recent speculations linking Ripple and Coinbase to the potential acquisition of the circle. However, the Stablecoin publisher has denied these reports.
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