TLDR
- Robinhood has been named an official underwriter for Oura’s upcoming IPO, marking its first underwriting role
- Oura filed to go public on September 3, targeting a valuation above $16 billion and listing on Nasdaq under ticker “OURA”
- Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co. and Jefferies are lead bookrunners; Robinhood is listed 18th
- As an underwriter, Robinhood gains more influence over how many IPO allocations go to its retail customers
- Oura posted $1.4 billion in revenue over the past 12 months with a net profit of $60.77 million
Robinhood Markets has landed its first official IPO underwriting role, joining the syndicate for Oura’s public offering. It is a milestone for the retail brokerage, which only received regulatory approval to underwrite deals in June.
$HOOD LANDS ITS FIRST-EVER IPO UNDERWRITING ROLE
Robinhood has joined the underwriting group for Oura’s upcoming IPO, which is expected to value the smart-ring maker at more than $11B.
Robinhood is listed 18th on the deal, behind lead banks including Goldman Sachs, Morgan… pic.twitter.com/kCdTnDhRGj
— Wall St Engine (@wallstengine) September 7, 2026
Oura filed its IPO prospectus on September 3, planning to list on Nasdaq under the ticker “OURA.” The smart-ring maker is targeting a valuation above $16 billion, up from roughly $11 billion during its last funding round in October 2025.
Robinhood is listed 18th and last among underwriters. Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co. and Jefferies are the lead bookrunners and will handle the bulk of the work and fees.
The fee share for Robinhood will likely be small. But that is not really the point.
Being an official underwriter gives Robinhood a seat at the table when allocations are being decided. Previously, the company could only passively receive a portion of IPO allocations through its “IPO Access” channel to pass on to retail users.
CEO Vlad Tenev said in June: “We intend to be disruptive in this space.”
What This Means for Retail Investors
Retail investors have long struggled to get meaningful access to hot IPOs. When SpaceX debuted earlier this summer, individuals requested around $100 billion in stock. SpaceX gave roughly 20% to retail buyers, more than usual, but still left many frustrated.
With Robinhood now inside the underwriting tent, its customers could see better allocations in future deals. That said, experts caution the impact may take time to build.
“At this point, I don’t think that bulge-bracket banks are going to feel threatened,” said Reena Aggarwal, finance professor at Georgetown University.
Jeremy Michels, associate professor at Purdue University’s Daniels School of Business, put it simply: “We usually think of retail investors as the residual claimant of whatever shares are left. But with Robinhood getting into this market, it’ll be interesting to see if that role changes.”
Oura’s Numbers Tell a Strong Story
Oura’s financials make it one of the more compelling IPO candidates in this cycle. Revenue for the 12 months ending June 30 came in at approximately $1.4 billion, a 74% year-over-year increase. Net profit hit $60.77 million, up sharply from just $1.57 million in the prior year period.
The company has 5 million paying members. Over 94% of ring buyers convert to paying subscribers, and the 12-month retention rate sits at 85%.
Robinhood’s connection to Oura goes beyond this deal. The brokerage launched a closed-end fund in March and invested in Oura, which now makes up 3.64% of Robinhood Ventures Fund I. Former Robinhood CFO Jason Warnick also sits on Oura’s board.
Tenev himself has been spotted wearing an Oura ring.
The two companies share similar user demographics. Oura says 42% of members are aged 30 to 45, and 31% are under 29. Robinhood’s median customer age was 35 last year.
Robinhood’s market cap currently sits at approximately $109.8 billion, up about 22.5% from a year ago.
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