Coinbase began letting eligible US customers buy IPO shares at the offer price ahead of the first trade, and Oura, the smart ring maker, is the first deal this week. Customers choose a deal in the app’s new IPO tab, fund their account, and place a conditional order once a price range is set, but they may get all, some, or none of the shares they want depending on underwriter supply and demand. Coinbase is also discouraging quick flips, so anyone who sells IPO shares within 30 days can be locked out of new offerings for 60 days, and repeat sellers will get smaller allocations less often. Orders go through Coinbase Capital Markets, its broker-dealer registered with FINRA, as Coinbase pushes to become its self-described “Everything Exchange.”
