Stablecoin issuer Circle Internet Group has raised its IPO target to $1.05 billion, with a share price of $31, above the previously marketed range, according to a press release published on Wednesday.
The company plans to offer 34 million shares when it debuts on the New York Stock Exchange on June 5, up from the previous offering of 32 million shares at a price of between $27 and $28.
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Circle has also granted underwriters a 30-day option to purchase an additional 5.1 million shares.
At this price, the company's valuation reaches $6.9 billion, based on more than 220 million outstanding shares.
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According to documents filed with the SEC, Circle will retain profits for business expansion rather than paying dividends.