Fortune | Circle IPO leaves $1.72 billion on the table, seventh biggest underpricing in decades

Here we go again. Traditionally, IPOs are a great deal for Wall Street and its prized clients, not so much for the companies the investment banks take public. On June 5, Circle Internet Group, issuer of the highly successful stablecoin USDC, debuted on the New York Stock Exchange.

In the days prior, the deal team led by JP Morgan, Citigroup and Goldman Sachs sold 34 million shares to institutional purchasers at $31 per share. The rub: Circle could have piled more than twice as much into its treasury had it gotten full price.

In the annals of “amounts left on the table” from IPOs, that $1.72 billion is big. Jay Ritter, a professor at the University of Florida and the world’s leading expert on IPOs, told Fortune that the figure ranks seventh largest for all offerings since 1980.

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