Why didnthe initial IPO price increase from.$31

The initial IPO price for Circle (CRCL) was increased from $31 to $28, and the final pricing was $31. The increase from $28 to $31 was likely due to several factors:

1. **Strong Investor Demand**: Circle received significant interest from investors, with orders reported to be multiple times the available shares. This high demand pushed the price above the initial range.
2. **Market Confidence**: The surge in demand was attributed to Circle’s reputation as a regulatory-compliant issuer of USDC, which is widely used across the crypto ecosystem. This reputation, coupled with a growing stablecoin adoption, bolstered market confidence.
3. **Favorable Regulatory Environment**: The anticipated favorable regulatory environment under President Donald Trump, which includes the potential stablecoin bill, contributed to investor confidence.
4. **Company Performance**: Circle reported robust financial growth, with a net profit of $268 million and revenue of $1.45 billion in 2023, and projections of $156 million net profit and $1.68 billion revenue for 2024.

In summary, the price increase was likely a result of strong investor demand, market confidence, favorable regulatory environment and company performance.