CoinDesk owner Bullish upsizes IPO to US$990m
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The news: Bullish has increased the size and price of its initial public offering as the company seeks to take advantage of strong investor interest.
The numbers: The digital asset platform and owner of the CoinDesk news site said it has upsized its initial public offering from 20,300,000 ordinary shares to 30,000,000 ordinary shares and increased its IPO price range from USD28.00-$31.00 ($43.01-$47.62) to USD32.00-$33.00 per ordinary share. The move could push the potential deal size from around USD629 million to USD990 million.
At the top end of the new range, Bullish could achieve a market value of around USD4.8 billion based on outstanding shares listed in its filing.
The context: Bullish said that the offering remains subject to market conditions and that the shares have been approved for listing on the NYSE under the ticker BLSH.
Bullish says that it intends to use the proceeds of the IPO for general corporate and working capital purposes, including funding potential future acquisitions.
The IPO is being led by JP Morgan, Jefferies and Citigroup.
The sources: Bullish press release, Bloomberg
