USDC issuer, Circle, has filed for its IPO on the New York Stock Exchange under the ticker “CRCL” marking the start of the public listing journey.
Circle Internet Financial, the second-largest stablecoin issuer, has taken a significant step on its Initial Public Offering (IPO) push by filing to list on the New York Stock Exchange (NYSE).
After several attempts to become a publicly traded firm in the United States, this move has finally made it official.
Circle’s 24 Million Share Offering and IPO Details
According to a May 27 announcement, Circle is offering 24 million shares of its Class A common stock. Of these holdings, the company directly offers 9.6 million shares, and 14.4 million shares are from selling stockholders.
This marks a significant milestone, coming more than a year after the company first submitted its draft registration statement with the United States Securities and Exchange Commission (SEC).
In addition, the USDC issuer must grant the underwriters a 30-day option to buy up to 3.6 million shares to make sure that they can cover over allotments. The IPO price has been capped at $24.00 and $26.00 per share.
If the maximum value of the range is adopted, Circle could make as much as $250 million. On the other hand, the selling stakeholders could generate approximately $375 million for their 14.4 million stake.
The offering is still subject to market conditions, and there is no assurance of when the IPO will be completed. Information about the size or terms of the offering is still unavailable.
Based on the details in the NYSE application, Circle will trade under the ticker symbol “CRCL.”
Attempts for Circle to Go Public
The USDC issuer has made multiple attempts to go public but faced setbacks along the way. In 2022, Circle pursued an IPO through a Special Purpose Acquisition Company (SPAC), Concord Acquisition. However, it was forced to scrap the plan after Concord failed to complete the regulator’s qualification requirements on time.
This coincided with a harsh winter that hit the broader crypto market, triggered by multiple firm implosions and token crashes.
When it eventually submitted its draft registration statement with the SEC in January 2024, the IPO appeared closer than anticipated. Unfortunately, the SEC had to wait a while to complete its application review.
CEO Jeremy has always believed that Circle is ready for this new feat. “We’re in a financially strong position and have been able to build a very solid business, and we’re currently not seeking any funding,” he once said.
Circle Debunks Acquisition Claims, Focused on IPO
Earlier this month, it was rumored that Circle was offered a $5 billion sales offer by San Francisco-based blockchain payments firm Ripple Labs Inc. Should such a deal pull through, pro-XRP attorney John E. Deaton stated it could make Ripple a bank.
It turns out that Circle rejected the offer, stating that the bid was too low and consequently undervalued the company. Meanwhile, anonymous sources suggest that Ripple Labs may still submit a higher bid, potentially sparking a rivalry with Coinbase.
Despite the widespread speculation, Circle has clearly stated that it is not for sale.
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