2026년 2월 13일 · Unknown · financial · 출처 Yahoo Finance
This article first appeared on GuruFocus.
Clear Street Group Inc. is approaching pricing for its initial public offering, but valuation is becoming the focal point of investor debate. At the top end of its marketed $40 to $44 per share range, the brokerage would carry a market value of around $12 billion, based on shares outstanding in its filings with the US Securities and Exchange Commission. According to people familiar with the matter, some investors that were approached pushed back on that figure, even as the deal was described as well oversubscribed and books were set to close Wednesday ahead of expected pricing on Thursday. The dynamic suggests demand is present, but price sensitivity could still shape the final outcome.
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The syndicate includes Goldman Sachs Group Inc. (NYSE:GS), Bank of America Corp. (NYSE:BAC), Morgan Stanley (NYSE:MS) and UBS Group AG (NYSE:UBS), alongside Clear Street itself. Deliberations remain ongoing and no final decisions have been made, the people said, indicating the company could potentially pursue a lower valuation depending on how final orders settle. Representatives for Goldman Sachs and Clear Street declined to comment, reinforcing that discussions around pricing are still in motion as the offering moves toward completion.
In its investor pitch, Clear Street has leaned heavily on its cloud-based trading infrastructure, arguing that its technology could provide a more efficient alternative to the aging systems that power banks and other rivals. Financially, the company expects to report net income of $220 million to $236 million for the year ended Dec. 31, which would represent growth of as much as 165% from $89 million in calendar 2024, according to its IPO filings. That earnings acceleration could be central to the valuation debate, as investors weigh whether projected profitability growth supports a potential $12 billion market capitalization.
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