Circle Internet Group Boosts Size, Price Range of IPO

By Colin KellaherCircle Internet Group could fetch an initial market capitalization topping $6.3 billion after the stablecoin issuer boosted the size and price range of its planned initial public offering.Circle, the issuer of the crypto stablecoin USDC, on Monday said it now plans to sell 12.8 million shares at between $27 and $28 apiece in the IPO, up from prior plans to offer 9.6 million shares at $24 to $26 each.At the $27.50 midpoint of the new price range, the New York company said it expects net proceeds of about $319.6 million, or roughly $444.4 million if the underwriters exercise their option to buy an additional 4.8 million shares.Circle had previously said it expected to net up to $298 million from the IPO.Circle said current stockholders now plan to sell 19.2 million shares in the offering, up from 14.4 million previously, bringing the size of the IPO to 32 million shares.Circle said it would have about 225.3 million shares outstanding after the IPO, assuming an exercise of the overallotment option, for a market capitalization of around $6.31 billion at the $28-a-share high end of the expected price range.According to CoinMarketCap, USDC is currently the second-largest stablecoin by market value, at around $61 billion as of Monday morning, trailing only Tether.Write to Colin Kellaher at [email protected]