There is no text. The man giving the blessing has nothing prepared beyond, at most, a thought, and what he says is understood to be given at the moment. He names the child, and then blesses it with whatever he is moved to bless it with: health, faith, a particular quality, sometimes something oddly specific that the family will repeat for decades. It lasts a minute or two. The church does not record it, and the words are not entered anywhere, though families very often record it themselves on a phone, which is the modern form of an older practice of having someone write it down at the back of the room.
The whole thing takes place in an ordinary meetinghouse in front of the entire congregation, which makes it, unlike the temple ordinances, completely open. Anyone may attend: grandparents who left the church, neighbours, family of another religion or none. For many families outside the movement it is the only Latter-day Saint ordinance they will ever see.
Two things about the practice are discussed within the movement. The circle is composed of men, and a mother holds her child until the moment it is taken from her and does not stand in the circle, which is among the practices Latter-day Saint women raise in the continuing conversation about the place of women in the church. And the church clarified in 2019 that a child may be blessed where a parent is not a member, removing an obstacle that had kept some families at a distance.