Coindesk owner Bullish raises US$1.1b in IPO, shares soar 143% on NYSE debut
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The news: Bullish, a cryptocurrency exchange operator backed by billionaire Peter Thiel, priced its US initial public offering at USD37 per share, above its indicated range, raising USD1.11 billion and valuing the company at USD5.41 billion.
The numbers: The CoinDesk owner debut sold 30 million shares before the securities debuted on the New York Stock Exchange under the ticker “BLSH” at USD90. That was well above the NYSE’s earlier indicated range of USD85 to USD88, valuing the company at more than USD13 billion.
The context: It comes as IPOs rebound after more than two years of weakness in US equity capital markets. The company owns crypto news outlet CoinDesk and operates a spot, futures and derivatives exchange targeting institutional clients.
BlackRock and Cathie Wood’s Ark Investment Management have committed to buy up to USD200 million worth of shares.
Bullish plans to convert a significant portion of the IPO proceeds into stablecoins and is close to securing a New York “BitLicense”, Bullish President Chris Tyrer told Reuters in an interview.
JPMorgan, Jefferies, Citigroup, Cantor, Deutsche Bank Securities, Societe Generale, Canaccord Genuity, Keefe Bruyette & Woods, Oppenheimer & Co, and Rosenblatt helped manage the IPO.
The sources: Bullish media release, Reuters, Yahoo Finance
