Coinbase offers retail access to Oura $2.2B IPO

Coinbase is offering eligible U.S. retail customers the opportunity to buy shares at the IPO price in smart-ring maker Oura’s planned offering. Oura expects to sell 50 million shares at $40 to $44 apiece, valuing the deal at about $2.0 billion to $2.2 billion.

Participation requires a Coinbase Capital Markets brokerage account and is limited to U.S. residents. When an expected price range is available, eligible customers may submit a Conditional Offer to Buy through Coinbase’s web or mobile platforms and must fund their accounts to cover the requested purchase. Conditional Offers are requests, not guarantees; Coinbase receives a limited number of shares and will allocate based on supply and demand. Customers can cancel or change offers while the order window is open.

After the IPO order book closes, any allocated shares are booked to customers’ brokerage accounts at the IPO price and become tradable once public-market trading begins. Coinbase Capital Markets is participating as a best-efforts selling-group member, aggregating customer orders and acting as agent. The broker-dealer is not underwriting the offering, holding inventory, or taking the opposite side of customer trades. Apex Clearing Corporation will provide execution, clearing and custody for the transactions.

Coinbase permits customers to sell allocated IPO shares after trading begins but warns that selling within 30 days of allocation may bar those customers from participating in the IPO program for the following 60 days. The company noted that repeated early sales could lead to smaller or less frequent allocations for those customers. The policy does not ban sales; it limits future access to discourage what brokerage firms call “flipping.” SEC guidance indicates flipping is not prohibited under federal securities laws, though brokers and underwriters may discourage it through allocation rules.

Neither Coinbase nor Oura disclosed how many shares will be allocated to retail investors through Coinbase Capital Markets. Coinbase plans to add additional IPOs to the program as selling-group allocations become available, but access will depend on the number of shares the broker-dealer receives for each deal and on customer demand. Coinbase has kept the IPO activity within conventional brokerage accounts separate from its digital-asset services.