Financial technology firm Circle has announced an increase in its initial public offering (IPO) target to $896 million. The increase in Circle’s target price indicates that investors have shown strong interest in the company.
The prominent stablecoin issuer is planning to raise more funds from the public offering than it had originally planned and has increased its valuation goal to $7.2 billion as it prepares to go public.
In the June 2 document that Circle filed with the US Securities and Exchange Commission (SEC), it increased the number of shares on offer to 32 million and set a price range of $27 to $28 per share. The new offer is a significant increase from the company’s previous plan, which had 24 million shares priced between $24 and $26.
Circle to Go Public on NYSE
Last week, Circle made a crucial stride towards going public by formally submitting its IPO registration to the New York Stock Exchange (NYSE). The company’s shares will be listed under the ticker symbol ‘CRCL’.
In its initial offering, the company planned to sell 24 million shares of Class A common stock in its IPO, which would be sold between $24 and $26 per share. Circle would sell 9.6 million shares, while selling stockholders would sell about 14.4 million. Underwriters also had a 30-day option to purchase up to 3.6 million additional shares to cover over-allotments.
Originally, the goal of the stablecoin issuer was to raise around $600 million and receive approximately $240 million, while existing shareholders would get about $360 million.
However, in the latest update, Circle’s expectations have increased to $896 million, with the company’s valuation increasing from around $5.43 billion to $7.2 billion.
Crypto Platforms Seek Public Listing
In a similar move, Bithumb, a prominent crypto trading platform in South Korea, announced its plans to list on the US Nasdaq stock exchange last year.
In 2020, Bithumb attempted to list on KOSDAQ, South Korea’s equivalent of NASDAQ, but failed due to regulatory and accounting issues. However, the exchange did not relent and decided to go international.
The crypto exchange mentioned that it would initiate its IPO in the second half of 2025 with Samsung Securities leading the charge. This means that Bithumb could make a significant announcement soon.
