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Coinbase lets U.S. retail users request IPO share allocations in-app
The feature starts with Oura’s IPO, and allocations are not guaranteed as they depend on underwriter supply and total customer demand.
Coinbase said eligible U.S. retail customers can now request IPO allocations directly through the Coinbase app, beginning with smart ring maker Oura’s IPO this week, according to Yahoo Finance.
The exchange said users will be able to request shares at the offering price before the stock starts trading publicly, using a new IPO section in the app. Coinbase also said its Coinbase Capital Markets unit, a FINRA-registered broker-dealer, participates in IPOs as a best-efforts selling-group member and routes customer orders through Apex Clearing Corporation.
Coinbase Capital Markets said customers can fund their accounts once an expected price range is available and submit conditional offers, but allocations are not guaranteed because final allotments depend on underwriter supply and total customer demand. Customers can cancel and resubmit orders while an offering remains open.
The exchange also outlined allocation rules tied to holding periods, saying its system will favor investors who keep their IPO shares longer. It said selling within 30 days may bar participation in the next 60 days and could lead to smaller allocations in future offerings if customers repeatedly sell soon after listing.