Circle Shares Surge 168% on NYSE Debut After Successful IPO
Circle Internet Group, issuer of the USDC stablecoin, saw its shares surge 168% during its debut on the New York Stock Exchange (NYSE).
IPO Highlights
- Stock opened at $69, exceeding IPO price of $31.
- Shares peaked at $103.75, indicating strong investor interest.
- IPO priced above anticipated range at $27 to $28, valuing the company at approximately $6.8 billion.
- Trading volume reached about 46 million shares.
- Market capitalization rose to $16.7 billion by the end of trading.
- Company raised approximately $1.1 billion through the offering.
CEO Jeremy Allaire emphasized the importance of compliance and relationships with governments in achieving success in the regulatory landscape. The performance of Circle's IPO may influence institutional investors and future listings, potentially leading to higher initial public offering prices for upcoming companies like Omada Health and Klarna.
Circle's journey included a prior failed SPAC merger attempt due to regulatory challenges. Major shareholders include General Catalyst and IDG Capital, holding around 8.9% and 8.8% respectively.
