Core Viewpoint - Clear Street has significantly reduced its U.S. IPO valuation target from $11.8 billion to $7.2 billion due to investor pushback [1][1][1] Company Summary - Clear Street is now offering 13 million shares priced between $26 and $28 each, down from the initial offering of 23.8 million shares priced between $40 and $44 [1][1][1] - The IPO is expected to price later on Thursday, with the stock set to list on Nasdaq under the symbol "CLRS" [1][1][1] Industry Context - The reduction in valuation reflects broader market conditions and investor sentiment, indicating potential challenges for IPOs in the current environment [1][1][1] - Major investment banks involved in the offering include Goldman Sachs, BofA Securities, Morgan Stanley, and UBS Investment Bank, highlighting the competitive landscape for IPOs [1][1][1]
Wall Street broker Clear Street cuts US IPO valuation target to $7.2 billion