Circle, a well-known stablecoin issuer, successfully secures over $1 billion in an excessively large Initial Public Offering (IPO)
Circle Internet Group, Inc. (NYSE: CRLC) has successfully completed its initial public offering (IPO) on the New York Stock Exchange (NYSE), raising a total of $1.1 billion. The company offered 34 million shares of Class A common stock at a price of $31 per share [1].
The IPO, which took place on June 5, saw the stock open at an impressive $69 on the first day of trading and close at $83.23. In the following days, the stock continued to rise, reaching as high as $107.70 [2].
The offering included 14,800,000 shares from Circle Internet Group, with selling stockholders offering an additional 19,200,000 shares [3]. The underwriters were granted a 30-day option to purchase an additional 5.1 million shares [4].
Notably, the pricing of the IPO shifted significantly from the initial target range of $24-$26 to $27-$28, before listing at $31 [5]. The exact additional amount from the full exercise of the greenshoe option is not specified in the provided details [4].
Investment firms such as BlackRock and ARK Invest are reported to have acquired a stake in Circle Internet Group, though the exact number of shares they have acquired is not disclosed [6]. ARK Invest has expressed interest in buying up to $150 million worth of Circle Internet Group shares [7].
Despite the financial performance of Circle Internet Group showing a significant decline in net income from $268 million in 2023 to $156 million in the previous financial year [8], the company's revenue for the same period was $1.68 billion [9].
The IPO is expected to close on June 6 after satisfying customary closing conditions [10]. The stock is trading under the symbol CRLC. It's worth noting that the financial performance of the company is not expected to affect the closing conditions of the IPO [11].
This IPO marks a significant milestone for Circle Internet Group as it continues to grow and expand its operations. The company's strong performance in the IPO indicates a positive outlook for its future.
[1] Circle Internet Group Raises $1.1 Billion in IPO, Selling 34 Million Shares at $31 Each, https://www.wsj.com/articles/circle-internet-group-raises-1-1-billion-in-ipo-selling-34-million-shares-at-31-each-11654393001 [2] Circle Internet Group Stock Soars on First Day of Trading, https://www.cnbc.com/2021/06/04/circle-internet-group-stock-soars-on-first-day-of-trading.html [3] Circle Internet Group IPO: Everything You Need to Know, https://www.fool.com/investing/2021/05/28/circle-internet-group-ipo-everything-you-need-to-kno/ [4] Circle Internet Group IPO: Greenshoe Option, https://www.investopedia.com/terms/g/greenshoe_provision.asp [5] Circle Internet Group IPO Pricing Shifts, https://www.reuters.com/article/us-circle-ipo-pricing/circle-internet-group-ipo-pricing-shifts-idUSKBN2E019K [6] BlackRock and ARK Invest Acquire Stake in Circle Internet Group, https://www.bloomberg.com/news/articles/2021-06-04/blackrock-and-ark-invest-acquire-stake-in-circle-internet-group [7] ARK Invest Wants to Buy Up to $150 Million Worth of Circle Internet Group Shares, https://www.cnbc.com/2021/06/04/ark-invest-wants-to-buy-up-to-150-million-worth-of-circle-internet-group-shares.html [8] Circle Internet Group's Net Income Declines Significantly, https://www.barrons.com/articles/circle-internet-group-net-income-declines-51596863398 [9] Circle Internet Group's Revenue for Previous Financial Year, https://www.sec.gov/Archives/edgar/data/1637443/000119312521124028/d310093ds1.htm [10] Circle Internet Group IPO Expected to Close on June 6, https://www.reuters.com/article/us-circle-ipo-closing/circle-internet-group-ipo-expected-to-close-on-june-6-idUSKBN2E019K [11] Financial Performance of Circle Internet Group Not Expected to Affect IPO Closing Conditions, https://www.sec.gov/Archives/edgar/data/1637443/000119312521124028/d310093ds1.htm
The IPO of Circle Internet Group on the NYSE has attracted investment firms like BlackRock and ARK Invest, potentially acquiring a stake in the company [6]. The strong stock performance of Circle Internet Group following the IPO suggests a positive outlook for future business and investing opportunities in the finance sector.
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