Cryptocurrency exchange Bullish has updated its stock price target ahead of its initial public offering, the company said in a regulatory filing on Monday. Here’s what you need to know about the changes to one of the most closely watched IPOs of the year.
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Bullish, a cryptocurrency exchange and owner of the CoinDesk crypto news site, has filed an amendment to its Form F-1 with the Securities and Exchange Commission (SEC). In that amendment, Bullish revealed that it is upping both the number of shares it will be offering in its IPO as well as increasing its estimated offering share price.
The amendment was filed with the SEC on Monday.
In the amendment, Bullish revealed that it now plans to offer 30 million ordinary shares of Bullish stock. Previously, Bullish said it expected to issue 20.3 million shares in its IPO.
Bullish has also raised its expected IPO price. Now the company says it expects to price shares between $32 and $33 each. Previously, Bullish said its shares would be offered for $28 to $31 each.
Bullish stock will trade under the ticker BLSH.
IPO calendar websites and a number of media outlets have reported that Bullish is expected to list it shares tomorrow (Wednesday, August 13) on the New York Stock Exchange (NYSE).
Fast Company reached out to Bullish for more details on the timeline.
In its amended Form F-1, Bullish didn’t explicitly state the reason that it was increasing both its share price range and the total number of shares it is offering in its IPO.
However, whenever a company that is going public raises its share price or the number of shares it has on offer, it suggests a higher demand for its stock than once thought.
As Fast Company previously reported, Bullish originally planned a 20.3 million share offering of $28 to $31 each, which would have valued Bullish at approximately $4.2 billion. But as noted by CNBC, under its new offering, Bullish now stands to be valued at $4.8 billion.
The company is expected to raise about $990 million from its IPO.
How investors react to Bullish’s IPO will be closely watched by Wall Street. If Bullish has a successful IPO and shares surge after trading begins, it will suggest a growing investor appetite for initial public offerings heading into the second half of the year.
