Cloud broker Clear Street(CLRS.US) halts US stock IPOs, reducing fundraising by nearly two-thirds

2026-02-13 22:26:10

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Wall Street broker Clear Street Group Inc. (CLRS.US), built on cloud computing technology, has postponed its U.S. initial public offering, after significantly reducing its target issuance size by nearly two-thirds.

According to a spokesperson, the decision was made based on market conditions. Clear Street reduced its offering on Thursday, and the latest prospectus shows the company now plans to issue 13 million shares at $26 to $28 per share, raising approximately $351 million. Previously, its filing indicated an offering of 23.8 million shares at $40 to $44 per share, with a target raise of $1 billion. Based on the revised midpoint, the fundraising amount has been cut by 65% from the original plan.

In an email statement, the spokesperson said that the offering received strong investor interest, and Clear Street is considering resuming its IPO at an appropriate time.

Earlier reports indicated that investor reservations about the proposed valuation led to adjustments in the offering price. Sources familiar with the matter said the company reopened its order book on Thursday, and the revised offering was oversubscribed.

According to regulatory filings, BlackRock expressed interest in subscribing up to $200 million of IPO shares.

Over the past week, the U.S. IPO market has faced a series of setbacks: fintech company AGI Inc. significantly reduced its offering size before pricing; advertising technology firm Liftoff Mobile Inc. halted its IPO just hours before pricing.

Clear Street provides clients with access to securities and derivatives markets. The filings show that the company’s key selling point to investors is that it does not rely on traditional computer systems, enabling it to offer more efficient clearing, settlement, custody, and financing services than traditional banks and brokerages.

Goldman Sachs, Bank of America, Morgan Stanley, UBS, and Clear Street itself are acting as lead underwriters for this offering.

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