Stablecoin firm Circle's shares double in wild trading debut
Circle Internet Group had one of the splashiest debuts in years, with shares surging 168 per cent after the company and some of its shareholders raised nearly US$1.1 billion in an upsized initial public offering (IPO).
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Shares of the stablecoin issuer more than tripled from the IPO price of US$31 each, climbing as high as US$103.75 apiece on Thursday while being halted several times for volatility. The stock closed at US$83.23 in New York.
It was the largest first-day pop for a US IPO raising more than US$100 million since Sono Group in 2021, data compiled by Bloomberg showed. Shares of the solar-powered electric vehicle maker closed 155 per cent higher on their trading debut.
Circle's deal, which was upsized twice amid strong demand and priced above the marketed range, signals stablecoin issuers are becoming more widely accepted.
Jeremy Allaire, CEO and co-founder of Circle Internet Group, reacts as Circle president Heath Tarbert rings a ceremonial bell to commence trading on the New York Stock Exchange on Thursday. Photo: Reuters
'The world has already woken up to the fact that stablecoin money is here to stay,' Jeremy Allaire, Circle co-founder and CEO said in an interview following the trading debut.
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The offering of 34 million shares by Circle and backers including Allaire was increased from 32 million shares and had been marketed at US$27 to US$28 each.
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