Crypto Exchange Bullish Sets IPO Terms That Could Push Market Cap Above $4.2 Billion
By Colin KellaherBullish unveiled terms of a planned initial public offering that could give the digital asset platform a market capitalization topping $4.2 billion.Bullish on Monday said it plans to sell 20.3 million shares at between $28 and $31 apiece in the IPO.At the $29.50 midpoint of that range, the Cayman Islands-based crypto exchange expects net proceeds of about $552.9 million, or roughly $637.4 million if the underwriters exercise their option to buy an additional 3.05 million shares.Bullish, which also owns the crypto-focused media company CoinDesk, said it would have more than 139.5 million shares outstanding after the IPO, assuming an exercise of the overallotment option, for a market capitalization of nearly $4.23 billion at the $31-a-share pricing high end.Bullish said funds and accounts managed by BlackRock and Cathie Wood's ARK Investment Management have indicated an interest in buying up to $200 million of stock in the IPO.The company said it has applied to list its shares on the New York Stock Exchange under the symbol BLSH.Write to Colin Kellaher at [email protected]