Wall Street broker Clear Street has slashed its IPO fundraising target by 65%, reducing its valuation projection amid cautious investor sentiment. The New York-based company now plans to raise up to $364 million by offering 13 million shares priced between $26 and $28 each.

The dramatic cut comes after Clear Street initially aimed to raise up to $1.05 billion through 23.8 million shares at $40 to $44 each. At the top end of the revised price range, the company would be valued at approximately $7.2 billion, down from its earlier target of as much as $11.8 billion. The offering is expected to be priced later today, with Clear Street planning to list on Nasdaq under the ticker "CLRS."

Clear Street's decision follows similar moves in the IPO market, including Brazilian fintech Agibank reducing its offering just one day before its market debut. The company, founded in 2018, initially operated as a prime brokerage platform before diversifying into other financial services including investment banking. The revised IPO terms reflect broader market challenges, with investors remaining cautious about new listings amid sector volatility.