Brokerage Firm Clear Street Postpones U.S. IPO Citing Market Conditions

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Wall Street brokerage Clear Street Group Inc., which operates using cloud-based technology, has delayed its initial public offering in the United States after reducing its target size by nearly two-thirds. A company spokesperson stated that the decision was based on current market conditions. On Thursday, Clear Street lowered its offering to 13 million shares, priced between $26 and $28 per share. Previously, the company had planned to offer 23.8 million shares at a price range of $40 to $44 per share. According to filings, BlackRock Inc. had expressed interest in purchasing up to $200 million of the IPO shares. The U.S. IPO market has faced turbulence over the past week: fintech firm AGI Inc. significantly scaled back its offering size before pricing, while ad-tech company Liftoff Mobile Inc. announced a postponement of its IPO just hours before pricing.

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