Circle, the issuer of the USDC stablecoin, has updated its documents for an initial public offering (IPO) on the NYSE. The goal is to raise approximately $600 million with a company valuation of $5.4 billion.
According to the filing with the SEC, Circle plans to sell 9.6 million Class A common shares at a price between $24 and $26. An additional 14.4 million shares will be offered by current shareholders. Underwriters will have the option to purchase an additional 3.6 million shares within 30 days.
At an average price of $25 and a total share count of 217.3 million (including options), Circle’s market capitalization would reach $5.43 billion. The company would receive $240 million, while selling market participants would gain $360 million.
JPMorgan, Citigroup, and Goldman Sachs will act as lead underwriters.
The documents mention ARK Investment Management’s interest in purchasing $150 million worth of shares, though this is not a commitment.
The offering will commence following SEC approval. The shares will be listed under the ticker CRCL. The final IPO parameters will depend on market conditions.
According to CEO Jeremy Allaire, going public is part of a strategy to enhance business transparency.
Back in May 19, media reported on Circle’s negotiations with Coinbase and Ripple for a sale at $5 billion, but the company denied these claims.
Earlier in April, the IPO was postponed indefinitely due to market uncertainties.