New York Circle Internet Group shares surged as much as 235% after the company and some of its shareholders raised nearly $1.1 billion in an initial public offering that was upsized twice amid strong demand. Shares of the stablecoin issuer climbed to as much as $103.75 on Thursday, versus an IPO price of $31 each. The stock, which was halted several times for volatility, was trading at $94.54 in New York.
If the stock closes at or near its peak, it would mark the largest first-day pop for a US IPO raising more than $100 million since CureVac NV in 2020. CureVac’s shares closed 249% higher in debut and continued to soar before disappointing Covid-19 vaccine data drove a collapse in the biotech’s stock price.
The offering of 34 million shares by Circle and backers including co-founder and Chief Executive Officer Jeremy Allaire was increased from 32 million shares, and had been marketed at $27 to $28 each.
