Crypto firm Circle drops after $1.3 bln stock offering priced

Shares of second-largest stablecoin issuer Circle Internet Group CRCL.N down 1.6% premarket to $136.98 after $1.3 bln equity offering

Co late Thurs announced pricing offering of 10 mln shares at $130

Circle offered 2 mln shares while selling shareholders, including CEO Jeremy Allaire, offloaded the balance

Stock on Thurs closed down 9% at $139.23 following 6% drop on Wed after co launched the offering

Biggest selling shareholders were IDG Capital (1.2 mln shares), General Catalyst (1.1 mln shares) and Fidelity Investments (746,707 shares), the offering prospectus shows

;Allaire sold 357,812 shares, retaining 23.9% voting power

Circle intends to use net offering proceeds it receives for working capital and other general purposes

JP Morgan, Citigroup, and Goldman Sachs are joint lead active bookrunners for the offering

Early Tues, Circle topped Wall Street's revenue expectations in its maiden report as a public firm

Through Thurs close, CRCL shares still up more than four-fold from their Jun IPO price of $31

Avg rating among 16 analysts is "hold" and median PT is $198.50, according to LSEG data