Coinbase opens IPO share access to US retail investors with Oura

Coinbase says it is expanding access to primary financial markets by allowing eligible US retail customers to request IPO shares through its app before public trading begins. The program starts with Oura's IPO this week, and customers can request shares at the offer price after the price range becomes available. Oura makes a smart ring that tracks sleep, heart rate, body temperature and daily activity. Users go to a new IPOs page, fund their account and submit a Conditional Offer to Buy. Coinbase Capital Markets, a FINRA-registered broker-dealer, handles allocations as a best-efforts selling-group member and routes orders through clearing partner Apex Clearing. Coinbase Capital Markets does not underwrite deals, hold inventory or take the opposite side of trades. Shares are booked at the IPO price, but final allocations may be full, partial or zero depending on supply and demand. The shares become tradable on Coinbase once public trading starts. The platform gives priority to investors who plan to hold long term. Selling within the first 30 days can result in a 60-day ban from future IPO access and smaller allocations afterward. All users must complete a FINRA eligibility questionnaire.