Bullish Surge: Cryptocurrency Exchange IPO Defies Expectations
Bullish, a cryptocurrency exchange, exceeded its IPO expectations, pricing shares at $37 each, raising $1.11 billion, and valuing the firm at $5.41 billion. This event marks a comeback for U.S. IPOs, with notable successes like Circle Internet and design software maker Figma also experiencing significant market gains.
Bullish, a leading cryptocurrency exchange backed by billionaire Peter Thiel, has defied market expectations by pricing its initial U.S. public offering above the anticipated range at $37 per share.
The IPO successfully raised $1.11 billion from the sale of 30 million shares, bringing Bullish's valuation to $5.41 billion. Initially, the company intended to offer shares at a price between $32 and $33 per share.
This significant IPO comes amid a resurgence in U.S. equity capital markets, which had faced a prolonged dry spell. Recently, Stablecoin issuer Circle Internet saw its IPO upsized due to strong investor demand, with shares skyrocketing over 400%, while design software firm Figma enjoyed a 250% increase in its market debut.
(With inputs from agencies.)
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