Stablecoin issuer Circle upsizes IPO to over $1 billion

Update (June 5, 12:50 am UTC): This article has been updated to include more information about Circles’ IPO.

Stablecoin issuer Circle Internet Group, Inc. has boosted its initial public offering a second time, pricing its shares above its previous marketed range at $1.05 billion.

The USDC (USDC) stablecoin manager said on June 4 that it will now look to offer 34 million shares at a price of $31 each when it debuts on the New York Stock Exchange on June 5.

Previously, Circle was offering 32 million shares at a range of $27 to $28 per share, which was up from its first advertised offering of 24 million shares priced between $24 and $26.

Circle also has granted its underwriters a 30-day option to purchase an additional 5.1 million shares.

The latest IPO pricing gives Circle a valuation of $6.9 billion based on the more than 220 million outstanding shares listed in a June 2 filing with the Securities and Exchange Commission.

The firm currently has no plans to pay a dividend to shareholders, and instead intends to  “retain all available funds and any future earnings, if any, to fund the development and expansion of our business,” according to the filing.