Circle Internet Group, a financial technology firm best known for issuing the USDC and EURC stablecoins, has filed for an initial public offering (IPO) on the New York Stock Exchange under the ticker symbol “CRCL” that will value the company at more than $5 billion.
The company plans to raise up to $624 million by offering 24 million Class A shares priced between $24 and $26 each, regulatory filings show.
The offering includes 9.6 million shares offered by Circle itself and 14.4 million shares from selling stakeholders.
Underwriters will be granted a 30-day option to purchase an additional 3.6 million shares to cover over-allotments.
The IPO is being led by major financial institutions, including J.P. Morgan, Citigroup, and Goldman Sachs who are acting as joint lead bookrunners.
It is expected to value Circle between $5.65 billion to $6.7 billion on a fully diluted basis, similar to informal acquisition talks the company held with Ripple and Coinbase.
Ripple reportedly made an offer of $4 billion to $5 billion that Circle turned down.