Coinbase will make its public debut on the Nasdaq at an unspecified date under the ticker symbol (COIN) and this will be through a direct listing, an approach that is markedly different from the traditional IPOs.
American cryptocurrency exchange Coinbase Global Inc has submitted plans to sell 114.8 million shares of Class A common stock in a direct-listing initial public offering (IPO) on the Nasdaq Global Select Market. According to an amended filing lodged with the Securities and Exchange Commission (SEC) on Wednesday, the company is proposing a maximum aggregate offering price of $943.2 million.
The cryptocurrency trading firm noted that the least and highest sales prices of its Class A and Class B common stock in private transactions during the first quarter came in at $200 and $375.01, respectively, with an estimated average price per share of $343.58. The company reiterated that the final offering price of its shares at the point of listing will not be determined by the pricing in the private markets.
Coinbase will make its public debut on the Nasdaq at an unspecified date under the ticker symbol (COIN) and this will be through a direct listing, an approach that is markedly different from the traditional IPOs. While the direct listing method is still building momentum, firms like American video game developer, Roblox Corp (NYSE: RBLX) went public on the New York Stock Exchange (NYSE) earlier this month via this method. Roblox shares surged 7.75% following the listing, netting a market capitalization of $38.2 billion.
Companies that use the direct listing method bypass the role of underwriters and focuses on selling their shares directly on their chosen exchange in a single large transaction.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
