News for hackers. Stuff that matters.

A comment on Coinbase announces proposed direct listing. Parent comment

Re:Coinbase announces proposed direct listing by harryh on Friday January 29, 2021 @07:49AM (#25956700)
No, this is not how it works.

All the shares in the auction are sold at the same price. If the market clears at 60, a person entering the bids I described would buy 300 shares at 60.

[ Parent | on HN ]
Re:Coinbase announces proposed direct listing by cbhl on Friday January 29, 2021 @03:45PM (#25962269)
I apologize if I misunderstood. Isn't this a direct listing? At what point do retail investors get to participate in an auction?
[ Parent | on HN ]
Re:Coinbase announces proposed direct listing by harryh on Friday January 29, 2021 @04:30PM (#25962840)
Retail investors (and any other investors) submit orders before the new security begins to trade. The first thing that happens on open is an auction.
[ Parent | on HN ]