The IPO Buzz: Circle Internet – Crypto Deal – & Omada Health Jump-Start June

The IPO market gets a jump-start for the month of June with two big deals: Cryptocurrency issuer Circle Internet Corp. (CRCL Proposed) and Omada Health (OMDA Proposed), a provider of virtual care to people living with chronic health conditions, plan to go public this week. June’s IPO market is warmed by the trade winds of May 2025, when the strong IPOs of eToro (ETOR), a crypto issuer, and Hinge Health (HNGE), a virtual provider of physical therapy, created some excitement for IPO investors. Circle Internet Corp. (CRCL Proposed) is offering 24.0 million shares at a price range of $24.00 to $26.00 to raise $600.0 million – if the IPO is priced at the $25.00 mid-point of its range. Of the 24.0 million shares in the IPO, the company is offering 9.6 million shares and the selling shareholders are offering 14.4 million shares, according to the prospectus. The company will not receive any proceeds from the sale of the selling stockholders’ shares. Under those terms, Circle Internet would go public at a market cap of $5.43 billion. J.P. Morgan,  Citigroup and Goldman Sachs are the lead joint book-runners. Barclays, Deutsche Bank Securities and Societe Generale round out the joint book-running team, according to the prospectus. Bankers expect to price Circle Internet Corp.’s IPO on Wednesday night, June 4, 2025, to trade Thursday, June 5, on the New York Stock Exchange. (Please see our IPO Calendar for the listing and a link to Circle Internet Corp.’s IPO Profile.) New York-based Circle Internet Corp. is known for USDC, its U.S. dollar-denominated stablecoin, according to the prospectus. Circle Internet Corp. is profitable, according to the financial statements in the prospectus: Net income of about $0.16 million on revenue of about $1.68 billion for the 12 months that ended Dec. 31, 2024. Targeting Diabetes & Other Chronic Conditions Omada Health (OMDA Proposed), a virtual healthcare company that serves patients with diabetes and other chronic health conditions, is offering 7.9 million shares at a price range of $18.00 to $20.00 to raise $150.1 million – if the IPO is priced at the $19.00 mid-point of its range. Under those terms, Omada Health would go public at a market cap of about $1.06 billion. Morgan Stanley, Goldman Sachs and J.P. Morgan are the lead joint book-runners. Barclays and Evercore ISI are also on the joint book-running team. Bankers expect to price Omada Health’s IPO on Thursday night, June 5, 2025, to trade Friday, June 6, on NASDAQ. (Please see our IPO Calendar for the listing and a link to Omada Health’s IPO Profile.) Omada Health, founded in 2011 and based in San Francisco, provides virtual care to people with diabetes, hypertension and other chronic health conditions. The company serves more than 2,000 customers, including health plans, health systems and employers ranging in size from small businesses to Fortune 500 companies, according to the prospectus. Omada Health is not profitable, according to the financial statements in the prospectus: Net loss of $47.1 million on revenue of $169.8 million for the 12 months that ended Dec. 31, 2024. (For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on the IPOScoop.com  website.) Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the  shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.