Clear Street Group, a cloud-native provider of brokerage, clearing, and other capital markets services, slashes the proposed deal size for its upcoming IPO on Thursday.
The New York, NY-based company now plans to raise $351 million by offering 13.0 million shares at a price range of $26 to $28. It had previously filed to raise $1.0 billion by offering 23.8 million shares at a range of $40 to $44. At the midpoint of the revised range, Clear Street Group will raise 65% less in proceeds than previously anticipated.
Cornerstone investor BlackRock has still indicated an interest in purchasing $200 million worth of shares on the IPO, now 57% of the deal.
Clear Street Group offers a single, cloud-native, end-to-end capital markets platform powered by a single real-time ledger. Clear Street states that its platform offers trading, risk management, and financing services. The company connects its infrastructure to banks, clearing houses, depositories, brokers, and exchanges. Clear Street generates revenue primarily through net financing revenue generated from customer margin debit, credit, and short balances, as well as through commissions, clearing fees, service fees, investment banking income, and client pass-through fees.
Clear Street Group was founded in 2018 and plans to list on the Nasdaq under the symbol CLRS. Goldman Sachs, BofA Securities, Morgan Stanley, UBS Investment Bank, Clear Street, BMO Capital Markets, Barclays, RBC Capital Markets, TD Securities, Piper Sandler, CIBC World Markets, Regions Securities, BTIG, and M&T Securities are the joint bookrunners on the deal. It is expected to price the week of February 9th, 2026.
