Davis Polk Advised Circle Internet Group, Inc. On Its landmark US$1.5 Billion Follow-On Offering On The NYSE.

Davis Polk advised Circle Internet Group, Inc. on its landmark US$1.5 Billion Follow-On Offering on the NYSE.

The global law firm Davis Polk advised Circle Internet Group, Inc. on its first SEC-registered follow-on public offering as a listed company on the New York Stock Exchange. The offering consisted of 11,500,000 shares of Class A common stock for total gross proceeds of US$1.5 billion, of which 3,500,000 shares were issued and sold by Circle, while 8,000,000 shares were sold by the selling stockholders. The transaction also included 1,500,000 shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares. Circle trades on the NYSE under the ticker symbol “CRCL”.

Circle is a global financial technology firm pioneering the use of digital currencies and public blockchains for payments, commerce, and financial applications worldwide. It is building the world’s largest, most widely used stablecoin network, and issues, through its regulated affiliates, the USDC and EURC stablecoins. Circle provides enterprises and developers with a comprehensive suite of financial and technology services to integrate stablecoins and blockchain solutions into their products, services, and operations.

The Davis Polk Capital Markets team included partners Daniel P. Gibbons and Richard D. Truesdell Jr., and associates Kanger Jin and Sakiko Nishida. Partner Adam Kaminsky and counsel Charlotte R. Fabiani advised on executive compensation, partner Gabe Rosenberg advised on financial institutions matters, partner Gregory S. Rowland and counsel Sarah E. Kim advised on 1940 Act aspects, and partner Patrick E. Sigmon advised on tax aspects. Members of the Davis Polk team were based across the firm’s New York and Washington DC offices.

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