CoinDesk owner Bullish prices IPO above range to raise over $1.1 billion

Bullish, a cryptocurrency exchange operator that counts billionaire Peter Thiel amongst its backers, said its U.S. initial public offering was priced above its indicated range at $37 per share.

The offering raised $1.11 billion for Bullish, based on 30 million shares sold, valuing the company at $5.41 billion.

Bullish was earlier aiming to price its offering between $32 and $33 per share.

The share sale comes as IPOs are bouncing back following a dry spell for U.S. equity capital markets that lasted for more than two years.

Stablecoin issuer Circle Internet upsized its initial IPO in early June on strong investor demand and its shares have increased more than 400% since then. Shares of design software maker Figma (FIG.N) surged 250% in its market debut just over two weeks ago.