Circle Internet Group IPO: Top things investors need to know

Circle Internet Group, the company behind USDC and EURC stablecoin, has filed for an IPO as it seeks to raise $624 million from the public market, which will value the global financial technology company at $6.7 billion, according to the company's filing on SEC.

Details of Circle's Offering

According to a Coindesk report, the stablecoin giant is offering 24 million of its class A shares, out of which 9.6 million are being offered by Circle, while 14.4 million shares are being offered by selling stakeholders. The company also expects to grant the underwriters a 30-day option to buy an additional 3.6 million shares, as per the report.

Circle, which plans to list on the NYSE and trade under the symbol "CRCL", has offered the firm's Class A stock for $24 to $26 a piece, according to an Axios report.


The company may raise nearly $250 million, based on the higher end of the IPO price range, while the selling stakeholders could get about $375 million for their stake, reported Coindesk.

Circle has also revealed that Cathie Wood's ARK has expressed its interest in potentially purchasing $150 million worth of shares from the IPO, as per the Coindesk report.

As per Coindesk, JP Morgan, Citigroup, and Goldman Sachs are acting as joint lead active book-runners for the Circle's offering.

Circle Internet Group's Financials and Market Position

Axios reported that last year, the firm had posted $156 million in net income and $285 million of adjusted EBITDA on $1.7 billion in revenue and reserve income. Circle also announced that there are $60 billion of USDC stablecoins in circulation as of March 28, reported Axios.

A Second Chance at Going Public

However, this is not the first time Circle has tried to list the company on the NYSE, the company has been trying to go public for almost 4 years, as per Coindesk. In 2021, Circle wanted to go public via a special purpose acquisition company, and the deal valued Circle at $4.5 billion initially, and then doubled its enterprise value to $9 billion by mid-2022, however, the firm scrapped the IPO plans in December 2022 because of regulatory concerns, reported Axios.

FAQs

How much money is Circle trying to raise?
Circle aims to raise up to $624 million through its IPO.

Where will Circle’s stock be traded?
It will be listed on the New York Stock Exchange under the symbol "CRCL", as per reports.