US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Circle Internet Group / Equity Capital Markets

<ul>
<li>Circle Internet Group, Inc.  priced 34.0mm shares at $31.00 ($3 Above the Upwardly-Revised $27-$28 range) and opened at $69.00 for a gain of 123% at first trade. </li>
<li>The IPO traded violently higher with a top-tick of $103.75 for a gain of 235%. The stock closed at $83.23 or 168.5% above issue on day one. </li>
<li>Circle is a "one-of-a-kind" industry and one that does not have other public companies to compare to. This could mean that more "fireworks" are in store for the short term.   </li>
</ul>


Circle Internet Group, Inc.  priced 34.0mm shares at $31.00 ($3 Above the Upwardly-Revised $27-$28 range) and opened at $69.00 for a gain of 123% at first trade. 
The IPO traded violently higher with a top-tick of $103.75 for a gain of 235%. The stock closed at $83.23 or 168.5% above issue on day one. 
Circle is a "one-of-a-kind" industry and one that does not have other public companies to compare to. This could mean that more "fireworks" are in store for the short term.   


Circle Internet Group (CRCL): Wall Street Pounces on Stable Coin Powerhouse, IPO Pops 235%

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Circle raised both the IPO shares to be issued and IPO price range. New IPO price range is $27 to $28 per share (from $24 to $26 per share previously).</li>
<li>We have a Positive View of the Circle due to its status as the second largest issuer of stablecoins globally, rapidly increasing user base and sales, and improving profit margins. </li>
<li>Major risk factors of this IPO include CBDCs, centralization, cyberattacks, and potential government crackdown. </li>
</ul>


Circle raised both the IPO shares to be issued and IPO price range. New IPO price range is $27 to $28 per share (from $24 to $26 per share previously).
We have a Positive View of the Circle due to its status as the second largest issuer of stablecoins globally, rapidly increasing user base and sales, and improving profit margins. 
Major risk factors of this IPO include CBDCs, centralization, cyberattacks, and potential government crackdown. 


Circle IPO Analysis (Second Largest Issuer of Stablecoins Globally)

<ul>
<li>Circle Internet locked down a pair of anchor orders ahead of next week's IPO which is already oversubscribed.</li>
<li>Circle posted $122m of adjusted Ebitda in Q12025 while growing revenue by 58% to $579m. </li>
<li>The combination of anchor orders, an attractive valuation, growing metrics and a tailwind from the Trump administration all tilt the risk-reward profile in a positive direction.</li>
</ul>


Circle Internet locked down a pair of anchor orders ahead of next week's IPO which is already oversubscribed.
Circle posted $122m of adjusted Ebitda in Q12025 while growing revenue by 58% to $579m. 
The combination of anchor orders, an attractive valuation, growing metrics and a tailwind from the Trump administration all tilt the risk-reward profile in a positive direction.


Circle Internet Group (CRCL): Ark, BlackRock to Anchor Oversubscribed Stablecoin IPO

<ul>
<li>Circle will be offering 24 million shares at a $24-$26 range equating to a 5.2b-5.65b valuation.</li>
<li>The company is a stable coin powerhouse with more than $25 trillion in transacted volume since founding. </li>
<li>The deal has a potential "floor" with companies reportedly interested in acquiring Circle Internet. </li>
</ul>


Circle will be offering 24 million shares at a $24-$26 range equating to a 5.2b-5.65b valuation.
The company is a stable coin powerhouse with more than $25 trillion in transacted volume since founding. 
The deal has a potential "floor" with companies reportedly interested in acquiring Circle Internet. 


Circle Internet Group (CRCL): Acquisition Target Moves Ahead with IPO

<ul>
<li>Circle Internet Group believes the global financial system can be rebuilt on the principles of the internet.</li>
<li>Circle has minted more than $504.3 billion of USDC and redeemed more than $464.4 billion of USDC from January 1, 2021 to December 31, 2024.</li>
<li>Their 2024 revenue, net income, and Adjusted EBITDA is $1.7 billion, $156 million, and $285 million, respectively. </li>
</ul>


Circle Internet Group believes the global financial system can be rebuilt on the principles of the internet.
Circle has minted more than $504.3 billion of USDC and redeemed more than $464.4 billion of USDC from January 1, 2021 to December 31, 2024.
Their 2024 revenue, net income, and Adjusted EBITDA is $1.7 billion, $156 million, and $285 million, respectively. 


Circle Internet Group (CRCL): Peeking at the IPO Prospectus of Stablecoin Powerhouse Company

United States

Circle Internet Group, Inc. provides financial technology solutions. The Company provides a digital asset platform and network utility systems that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce, and financial applications. Circle Internet Group serves customers worldwide.

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Circle Internet Group (CRCL US)

Circle Internet Group (CRCL): Wall Street Pounces on Stable Coin Powerhouse, IPO Pops 235%

Circle Internet Group, Inc. IPO soars 168.5% on day one, with potential for more gains in the short term due to unique industry position.

IPO Boutique

Circle IPO Analysis (Second Largest Issuer of Stablecoins Globally)

If we use a 30x P/E multiple on Circle's estimated net profit of $350 million in 2026, this would suggest implied valuation of $10.5 billion which...

Douglas Kim

Circle Internet Group (CRCL): Ark, BlackRock to Anchor Oversubscribed Stablecoin IPO

Circle Internet secures anchor orders and strong financials ahead of oversubscribed IPO, with positive outlook due to growing metrics and...

IPO Boutique

Circle Internet Group (CRCL): Acquisition Target Moves Ahead with IPO

Circle, a stable coin powerhouse, plans to offer 24 million shares at $24-$26 each, valuing the company at $5.2b-$5.65b, with potential...

IPO Boutique

Circle Internet Group (CRCL): Peeking at the IPO Prospectus of Stablecoin Powerhouse Company

Circle Internet Group is revolutionizing the global financial system with over $500 billion in USDC minted and redeemed, boasting impressive...

IPO Boutique

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Circle Internet Group (CRCL): Wall Street Pounces on Stable Coin Powerhouse, IPO Pops 235%

​Circle Internet Group, Inc. IPO soars 168.5% on day one, with potential for more gains in the short term due to unique industry position.

IPO Boutique

Circle IPO Analysis (Second Largest Issuer of Stablecoins Globally)

If we use a 30x P/E multiple on Circle's estimated net profit of $350 million in 2026, this would suggest implied valuation of $10.5 billion which...

Douglas Kim

Circle Internet Group (CRCL): Ark, BlackRock to Anchor Oversubscribed Stablecoin IPO

​Circle Internet secures anchor orders and strong financials ahead of oversubscribed IPO, with positive outlook due to growing metrics and...

IPO Boutique

Circle Internet Group (CRCL): Acquisition Target Moves Ahead with IPO

​Circle, a stable coin powerhouse, plans to offer 24 million shares at $24-$26 each, valuing the company at $5.2b-$5.65b, with potential...

IPO Boutique

Circle Internet Group (CRCL): Peeking at the IPO Prospectus of Stablecoin Powerhouse Company

​Circle Internet Group is revolutionizing the global financial system with over $500 billion in USDC minted and redeemed, boasting impressive...

IPO Boutique

Circle Internet Group, Inc. IPO soars 168.5% on day one, with potential for more gains in the short term due to unique industry position.

Circle Internet secures anchor orders and strong financials ahead of oversubscribed IPO, with positive outlook due to growing metrics and...

Circle, a stable coin powerhouse, plans to offer 24 million shares at $24-$26 each, valuing the company at $5.2b-$5.65b, with potential...

Circle Internet Group is revolutionizing the global financial system with over $500 billion in USDC minted and redeemed, boasting impressive...