Circle Internet Group, the issuer of the prominent crypto stablecoin USDC, has increased the size and price range of its impending initial public offering (IPO). This move could see the firm’s initial market capitalization exceed a whopping $6.3 billion.
On Monday, the company announced plans to sell 12.8 million shares at between $27 and $28 each in its IPO. This is a significant increase from its previous plan to offer 9.6 million shares at $24 to $26 each.
With the new price range’s midpoint set at $27.50, Circle anticipates net proceeds of approximately $319.6 million. This figure could rise to roughly $444.4 million, should the underwriters choose to purchase an additional 4.8 million shares.
Earlier, Circle had projected net proceeds up to $298 million from the IPO. Current stockholders now intend to sell 19.2 million shares in the offering, up from the previously planned 14.4 million, increasing the overall IPO size to 32 million shares.
Following the IPO and assuming an exercise of the overallotment option, Circle expects to have about 225.3 million shares outstanding. This would result in a market capitalization of around $6.31 billion at the $28-a-share upper end of the anticipated price range.
As per CoinMarketCap data, USDC currently holds the position of the second-largest stablecoin by market value, at around $61 billion as of Monday morning. It is second only to Tether.
