NEW YORK (Reuters) -Bullish, a cryptocurrency exchange operator that counts billionaire Peter Thiel amongst its backers, said its U.S. initial public offering was priced above its indicated range at $37 per share.

The offering raised $1.11 billion for Bullish, based on 30 million shares sold, valuing the company at $5.41 billion.

Bullish was earlier aiming to price its offering between $32 and $33 per share.

The share sale comes as IPOs are bouncing back following a dry spell for U.S. equity capital markets that lasted for more than two years.

Stablecoin issuer Circle Internet ( CRCL ) upsized its initial IPO in early June on strong investor demand and its shares have increased more than 400% since then. Shares of design software maker Figma ( FIG ) surged 250% in its market debut just over two weeks ago.

(Reporting by Echo Wang and Anirban Sen in New York; Editing by Dawn Kopecki.)