Circle Internet Financial Will Reportedly File Its Prospectus for an IPO in Late April

Circle Internet Financial will reportedly file its prospectus for an initial public offering (IPO) in late April and could launch its IPO by June.

Circle Internet Financial is reportedly planning to file its prospectus for an initial public offering (IPO) in late April and could launch its IPO by June.

The company, which is best known for issuing the USDC stablecoin, has hired investment banks to underwrite its potential IPO, though the timing of an IPO has not been decided, according to a report by CoinDesk on Tuesday (April 1), which cites a paywalled article by Fortune.

Circle aims for a valuation between $4 billion and $5 billion, the report noted.

Circle did not immediately respond to PYMNTS' request for comment.

The company announced in January that it was relaunching its plans to go public after delaying a planned IPO in December 2022.

As PYMNTS reported at the time, Circle said in a press release that it had confidentially filed paperwork for an IPO with the Securities and Exchange Commission (SEC). The company said that the number of shares to be offered and their price range had yet to be determined, and that the IPO was expected to happen once the SEC conducted a review, “subject to market conditions.”

The company said that it intended to apply for its shares to be listed on the New York Stock Exchange under the ticker symbol "COIN."

The company said in July 2021 that it would go public via a special purpose acquisition company (SPAC) combination with Concord Acquisition Corp.

Circle and Concord Acquisition Corp. announced in December 2022 that they were abandoning their plans for a SPAC combination. The companies said that they had mutually agreed to terminate their previously announced agreement.

“We are disappointed the proposed transaction timed out, however, becoming a public company remains part of Circle’s core strategy to enhance trust and transparency, which has never been more important,” Circle Co-founder and CEO Jeremy Allaire said in a press release at the time.

A SPAC is a shell company that raises funds in an IPO to acquire a private company, which then becomes a publicly traded company.

Concord Acquisition Corp. and Circle had set the SPAC combination to close in the second half of 2022, pending regulatory approvals.

The companies said that the SEC had not yet declared the S-4 registration statement for the business combination effective.

An S-4 registration statement is a document that companies file to get the SEC’s approval for new shares.

“We never expected the SEC registration process to be quick and easy,” Circle said in a statement in January. “We’re a novel company in a novel industry.”

The company added that it was committed to working closely with the SEC to complete its review in a timely manner.

As PYMNTS reported last week, Circle is teaming up with Intercontinental Exchange (ICE), the operator of The New York Stock Exchange (NYSE), to explore the use of Circle’s USDC stablecoin to develop new products and solutions for ICE’s customers. The companies made the announcement on Thursday (March 27).