Circle will complete pricing on Wednesday evening and begin trading the next day. The shares sold by Circle's existing shareholders account for 60% of the total issuance. In the IPO of technology companies, it is still rare for the issuance of shares from existing shareholders to exceed the company's issuance. The last time this happened was in 2012 when Facebook went public (57% of the issued shares were sold by the original shareholders). It is worth pondering that the existing shareholders sold a large proportion of shares during the IPO stage 🤔