IPO Summary: Circle Meets the Market; Squarely In-Favor

The interest in the digital asset space came to a fever pitch with outsized returns from stablecoin powerhouse, Circle Internet Group’s (CRCL US), in its first day as a public company.

Circle Internet Group, Inc. priced 34.0mm shares (slightly upsized from 32.0mm shares) at $31.00 ($3 Above the Upwardly-Revised $27-$28 range) and opened at $69.00 for a gain of 123% at first trade.

The IPO was halted a handful of times in its first few minutes but traded violently higher with a top-tick of $103.75 for a gain of 235%. The stock closed at $83.23 or 168.5% above issue on day one. More fireworks were in store for day two as Circle made a high of $123.52 (298.4% above issue!) before closing the week at $107.70. Circle’s volume on day two (59.7mm shares) eclipsed its day one volume by roughly 12.0mm shares making the stablecoin issuer a “day trader’s delight”.

Final Deal Message

Our sources stated that the deal finished north of 20-times oversubscribed on the upsized, above-range transaction. The top 25 accounts took 70% of the deal and one-third of the book was “zeroed”.

The deal was anchored by Ark Invest who put in $150 million as the anchor order for this offering. Additionally, BlackRock was reported to have put in a 10-percent order. Our (IPO Boutique) premium clients who receive daily updates on order book and book-building quality knew that management was to be heavily-involved in the allocation process. Simply put, investors knew they were to “expect” significant cutbacks.

IPO Boutique Commentary

The traditional IPO markets continues to put a “stamp of approval” on the digital asset space. The success of Etoro Group (ETOR US) as an exchange was a nice win but the outperformance of Circle is a statement. This type of aftermarket fireworks will be the headlines needed to entice other companies in the space. It paves the way for companies like Gemini or Kraken to test the IPO waters in the future.

Circle is a “one-of-a-kind” industry and one that does not have other public companies to compare to. This type of situation is similar to how CoreWeave (CRWV US) was in a sector of its own. Since its IPO, the stock has more than tripled. We anticipate Circle to continue to be a wild trader over the first 30-days as a public company.

Omada Health (OMDA): Virtual Healthcare Provider Pops 20% After Midpoint Pricing

Omada Health’s (OMDA US) marks another win for a virtual care provider in the IPO market.

The stock traded as high as $28.40 in the first 20 minutes of trading before selling off during the second half of its opening session. Omada closed its debut day exactly where it opened — at $23.00.

Final Deal Message

Omada finished north of 15-times oversubscribed with allocations highly concentrated and skewed to long-only investors. Our sources stated that the top ten took greater than 50% of the deal and top 25 took 80% of the transaction.

In the final day leading up to pricing of the offering, our sources stated that pricing would be stronger than just a mid-point of the range outcome. We had “heard” that the deal could price at the high end or above the $18-$20 range outcome. When the final pricing does not align with the color throughout the week we immediately become skeptical of the strength of the deal. However, this transaction was able get out the door successfully and trade well.

IPO Boutique Commentary

Prior to 2025 there was not a true comp for Omada. However, the success of the Hinge Health (HNGE US) IPO in May paved the way for Omada’s strong debut.

Hinge Health hit a first day high of $40.26 or 25.8% above the issue price.

The valuation of Omada versus its peers in combination with strong revenue growth made way for a solid narrative for investors to rally around. Furthermore, the strong backing of existing shareholders (with none of them selling in this transaction) breathed further confidence into this transaction.

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