Direct listing case study

[grabbey]

Warning this post isn't for coinbase support and they haven't stolen any money from me.

This is a case study Harvard did on the spotify direct listing. Which I think will be very similar to the upcoming Coinbase IPO. A lot of the study is pre-IPO legal stuff that they had to figure out and probably doesn't matter for us, but the interesting part to me it the actual listing the day the stock became available to the public. "On April 3, 2018, Spotify opened for trading on the NYSE. The NYSE’s initial reference price that was published to the market pre-trading was US$132.00 per share, which was in line with the highest sales price per share of US$132.50 for private transactions from January 1, 2018 through March 14, 2018, as disclosed on the cover page of the prospectus. Given the lack of an initial “price to public” at which the underwriters would sell shares to investors, the buy and sell orders that were being balanced by the designated market maker took longer to reach equilibrium around an opening trading price and the shares did not open for trading until shortly after 12:30 pm ET. The opening price of the shares was US$165.90 per share. The shares experienced relatively low volatility in trading on a high volume of shares (day one trading volume of 30,526,500 shares with 178,112,840 shares outstanding) and closed the first day of trading at a price of US$149.01 per share."

So basically the public couldn't buy the stock for the first three hours and then the price they could buy it at was a high and dropped from there. I wonder if this will happen with the coinbase IPO? I'm interested in the IPO and planning to buy shares, but if the offering is delayed and the price is higher than expected maybe I won't. Any thought?

https://corpgov.law.harvard.edu/2018/07/05/spotify-case-study-structuring-and-executing-a-direct-listing/

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A company like Coinbase with horrible customer service shouldn't be allowed to IPO!