Overview

• Circle plans to sell 32 million shares in its IPO, with final pricing set after U.S. markets close on Wednesday ahead of a Thursday listing under the ticker CRCL.
• Investor orders have exceeded 25 times the available shares, fueling expectations that the IPO price will climb above the initial $27–28 per share range.
• At the top of the marketed range, Circle’s offering would value the stablecoin issuer at roughly $7.2 billion on a fully diluted basis.
• J.P. Morgan, Citigroup and Goldman Sachs & Co. LLC are leading the offering, which is poised to raise about $880 million.
• Circle reported $1.7 billion in revenue and reserve income in 2024 and stands to benefit from progress on stablecoin legislation in Congress.