Cloud-based broker Clear Street has halted its IPO in the US stock market and reduced its fundraising amount by nearly two-thirds.

Clear Street Group Inc. (CLRS.US), a Wall Street brokerage built on cloud computing technology, has postponed its planned initial public offering in the United States, after drastically reducing the size of the offering by nearly two-thirds. According to a spokesperson, the company made the decision based on market conditions. Clear Street reduced the offering size on Thursday, and the latest filing shows that the company now plans to offer 13 million shares at a price of $26 to $28, raising approximately $351 million. This is a significant reduction from its previous filing, which indicated an offering of 23.8 million shares at a price of $40 to $44, with a target fundraising goal of $1 billion. Based on the revised range midpoint, the fundraising amount has been cut by 65% from the original plan. The spokesperson stated in an email statement that there was strong investor interest in the offering, and Clear Street intends to reconsider the IPO at a later time. Prior reports suggested that investors were cautious about the proposed valuation, leading to adjustments in the pricing. Sources revealed that the company reopened the order book on Thursday, and the revised offering received oversubscription. Regulatory filings indicate that BlackRock, Inc. has expressed interest in purchasing up to $200 million worth of IPO shares. The US IPO market has recently experienced a series of setbacks: fintech company AGI Inc. significantly reduced its offering size before pricing, and advertising technology company Liftoff Mobile Inc. halted its IPO just hours before pricing. Clear Street provides securities and derivatives market access services to clients. The filing documents highlight the company's core selling points: it does not rely on traditional computer systems, allowing it to offer more efficient clearing, settlement, custody, and financing services compared to traditional banks and brokerages. Goldman Sachs Group, Inc., Bank of America, Morgan Stanley, UBS Group AG, and Clear Street itself are jointly leading this offering.