Circle says it plans to ‘redomicile’ company in the US

Just a few months after it confidentially filed for a US IPO, the company is planning to jump across the pond

May 15, 2024 10:55 am

Circle CEO Jeremy Allaire | World Economic Forum/Benedikt von Loebell/"Annual Meeting of the New Champions" (CC license)

Circle’s looking to move across the pond.

The USDC issuer confirmed to Blockworks that its parent company filed the “required paperwork with the High Court of the Republic of Ireland to redomicile the company to the US.”

Bloomberg first reported the news.

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Earlier this year, Circle revealed that it confidentially filed for an initial public offering in the US in January of this year. The approach is common and has been used by other companies such as Airbnb and Uber.

“The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to take place after the [Securities and Exchange Commission] completes its review process, subject to market and other conditions,” the press release said at the time.

This isn’t the first time that Circle’s expressed interest in a US IPO, though the move from Ireland could suggest that the company is pursuing the traditional approach to going public.

Circle had previously expressed interest in going public through a special-purpose acquisition company or SPAC. The route — which requires the private company looking to go public to merge with an existing publicly listed shell company — was popular throughout 2021 and 2022.

While the S-1 filed with the SEC hasn’t been publicly released yet, it shows that the company is pursuing the more traditional IPO model this time around.

Per SEC rules, potential investors won’t be able to publicly view the S-1 filed with the regulatory agency until 15 days before the company starts its roadshow. This changes, however, to 15 days prior to the registration date if a company chooses to not pursue a roadshow.

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