Overview
- Bloomberg reported the New York brokerage paused its U.S. listing on Thursday, and Reuters said the company did not immediately comment as pricing had been expected with trading set for Nasdaq under the symbol CLRS.
- Hours earlier, Clear Street reduced its target valuation to about $7.2 billion by trimming the offer to 13 million shares at $26–$28, down from 23.8 million shares at $40–$44 that could have raised up to $1.05 billion.
- An SEC filing showed BlackRock indicated interest in purchasing up to $200 million of shares, with Goldman Sachs, BofA Securities, Morgan Stanley, UBS Investment Bank and Clear Street as lead bookrunners.
- Recent volatility and investor pushback on lofty pricing pressured the deal, with comparable setbacks including Liftoff Mobile postponing its U.S. listing and Brazil’s Agibank cutting its offering after weak trading in peer PicPay.
- Founded in 2018 as a prime brokerage, Clear Street has expanded into investment banking and equity research and projected 2025 net revenue of $1.04–$1.06 billion versus $463.6 million the prior year.