Direct listings [Coinbase]
So Coinbase is about to go public through a direct listing and the last prominent direct listing was Palantir. Palantir went public at ~10$/share, but articles like this one from SeekingAlpha have suggested that Coinbase may go public at a valuation north of $100 billion. With 186m shares outstanding this means that the shares could start trading at around $537.
This raised a question for me. Given the recent IPO craze resulting in huge markups at the open and the clear interest in Coinbase as a company, it is fair to assume that demand might outdo supply in the short-term. What kind of requirements does Coinbase as a company have to fulfill on their first day listed? i.e. Is there a specific percentage of shares outstanding that they have to make available for purchase?
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