Bullish indicating open at $55-$60, IPO prices at $37
Investing.com -- Circle Internet Group (NYSE:CRCL) stock fell 6% after the close of trading on Tuesday after the financial technology company announced the launch of a public offering of 10 million shares of its Class A common stock.
The stablecoin market leader revealed that it will offer 2 million shares, while selling stockholders will offer 8 million shares. Circle is also expected to grant underwriters a 30-day option to purchase up to an additional 1.5 million shares of Class A common stock.
J.P. Morgan, Citigroup (NYSE:C), and Goldman Sachs & Co (NYSE:GS). LLC are serving as joint lead active bookrunners for the offering, according to the company’s announcement.
The stock’s decline reflects typical market reaction to public offerings, which often lead to share price pressure due to increased supply of shares in the market.
Circle Internet Group is known for its role in the digital currency space, particularly as a leader in the stablecoin market. The company trades on the New York Stock Exchange under the ticker CRCL.
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