Circle Internet Group, the company behind the second-largest stablecoin USDC, is proceeding with its initial public offering (IPO) plans. The startup plans to IPO on the New York Stock Exchange and has rejected reports of prospective acquisitions by Coinbase or Ripple.
Circle announced on Tuesday that its IPO would comprise 24M shares of Class A ordinary stock. The company will issue 9.6M shares, with selling stockholders providing 14.4m shares. The projected offering price varies from $24.00 to $26.00 per share.
Circle has applied to list its Class A common stock on the NYSE with the ticker symbol "CRCL." The company also intends to give its underwriters a 30-day option to buy up to an additional 3.6M shares to satisfy over-allotments.
Earlier this month, sources stated that Circle was in "informal" talks to acquire Coinbase, its long-time Centre Consortium partner, and Ripple, a significant participant in stablecoins and cross-border payments. Circle promptly shot down these claims, emphasizing its commitment to pursuing a public offering and stressing that the company is not for sale.
