Clear Street Group (CLRS Proposed) slashed its IPO’s size early today – to 13 million shares at a price range of $26.00 to $28.00 to raise about $351 million, if priced at the $27.00 mid-point of its new range, according to its S-1/A filing dated Feb. 12, 2026. The new terms represent a cut of about 65 percent from the original terms – 23.8 million shares at $40.00 to $44.00 to raise $1 billion. The word on the Street – and reporting by Bloomberg – indicated that Clear Street Group and its bankers had faced strong resistance to the IPO’s original terms due to valuation concerns.
Clear Street Group would have a market cap of $6.94 billion under the IPO’s sharply reduced terms – down from $11.5 billion under the original filing.
Goldman Sachs, BofA Securities, Morgan Stanley, UBS Investment Bank and Clear Street are the joint lead book-running managers.
Clear Street Group, based in New York, is a financial services firm that offers trading, clearing and risk management services on a cloud platform.
The company is profitable, according to financial statements in the prospectus.
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