Core Viewpoint - Circle Internet Group, a major stablecoin issuer, priced its IPO at $31 per share, exceeding expectations and achieving a market value of $6.8 billion [1] Group 1: IPO Details - Circle will raise $1.05 billion by offering 34 million shares, increasing from an initial plan of 32 million shares due to high demand [2] - The company originally aimed to raise $624 million by selling 24 million shares at a price range of $24 to $26 per share [2] - Underwriters, including JPMorgan, Citigroup, and Goldman Sachs, have a 30-day option to sell an additional 5.1 million shares [3] Group 2: Company Background - Circle, led by CEO Jeremy Allaire, is a pioneer in the crypto industry and the issuer of USD Coin (USDC), which holds a 27% market share of stablecoins, second only to Tether's USDT at 67% [4] - The company earned $156 million in net income in 2024 on $1.68 billion in revenue, a decrease from $268 million in income on $1.45 billion in revenue in 2023 [5]
Stablecoin issuer Circle prices IPO at $31, above expected range, ahead of NYSE debut