NewsletterUSDC Issuer Circle Increases IPO Price Following BlackRock’s Interest
Highlights
- USDC issuer Circle has filed an amended S-1 form to increase the price of its IPO shares.
- The company intends to sell these shares between $27 and $28 each.
- The company has also upsized its IPO shares offering from 24 million to 32 million.
- Ark Invest had already shown an interest to acquire up to $150 million worth of the company's Class A common stock.
The Circle IPO is taking shape, with the USDC issuer filing an amended S-1 form for its proposed share sale to the public. This comes following reports that asset manager BlackRock plans to buy up to 10% of the public offering. The company is targeting a $7.2 billion valuation on a fully diluted basis.
Circle IPO Price Shoots Up As Company Eyes $7.2B Valuation
The USDC issuer has filed an amended S-1 form for its initial public offering, in which it intends to offer its Class A common stock for between $27 and $28 per share. This represents an increase from the original IPO price of between $24 and $26 per share.
According to a Reuters report, the company is targeting a valuation of up to $7.2 billion on a fully diluted basis in its US IPO. The Circle IPO will offer 12.8 million shares of the company’s Class A common stock, with selling stockholders offering 19.2 million shares of the Class A common stock. This is also an upgrade from the initial $24 million shares, which the company was earlier offering under the initial S-1 form.
Circle will not receive any proceeds from the sale of shares of Class A common stock by the selling stockholders. The company has already received approval for listing on the New York Stock Exchange under the symbol “CRCL.” The stablecoin issuer is likely to go public later this week.
Furthermore, the amended S-1 form filing revealed that ARK Invest and its affiliated entities have indicated an interest in purchasing up to $150 million of shares of the Class A common stock available in the Circle IPO at the original price and on the same terms as the other purchasers in this offering.
As CoinGape reported, BlackRock has shown an interest in acquiring up to 10% of the shares available in the public offering. However, there was no mention of the asset manager’s interest in this amended filing.
Meanwhile, Ark Invest’s purchase of the Circle IPO shares isn’t guaranteed either. The company noted that indications of interest are not binding agreements or commitments to purchase.
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