USDC Stablecoin Issuer Circle Sets IPO Terms That Could Push Market Cap Above $5.7 Billion
By Colin KellaherCircle Internet Group unveiled terms of a planned initial public offering that could give the stablecoin issuer a market capitalization topping $5.7 billion.Circle on Tuesday said it plans to sell 9.6 million shares at between $24 and $26 apiece in the IPO.At the $25 midpoint of that range, the New York company said it expects net proceeds of about $213.2 million, or roughly $298 million if the underwriters exercise their option to buy an additional 3.6 million shares.Circle, the issuer of the crypto stablecoin USDC, said current stockholders plan to sell 14.4 million shares in the offering, bringing the size of the IPO to 24 million shares.Circle said it would have about 220.9 million shares outstanding after the IPO, assuming an exercise of the overallotment option, for a market capitalization of around $5.74 billion at the $26-a-share high end of the expected price range.According to CoinMarketCap, USDC is currently the second-largest stablecoin by market value, at around $61.5 billion as of Tuesday morning, trailing only Tether.Circle said fund manager Cathie Wood's ARK Investment Management has indicated an interest in buying up to $150 million in stock in the IPO.Write to Colin Kellaher at [email protected]