Robinhood aims for underwriting success with Oura IPO

Robinhood just landed its first seat at the investment banking table. The retail brokerage is listed as an underwriter on Oura’s S-1 filing, which the smart-ring health tech company submitted on September 3. It’s a small seat, ranked 18th out of 18 banks in the syndicate, but it’s a seat nonetheless. The deal itself is substantial. Oura is targeting a raise of up to $3B at a valuation north of $16B, a meaningful jump from the roughly $11B price tag it carried after a Series E round in October 2025. Goldman Sachs, Morgan Stanley, and J.P. Morgan are running the show as lead bookrunners. From meme stocks to deal sheets Robinhood received regulatory approval to underwrite transactions in June 2026. The Oura IPO is the first time the firm has put that license to work. CEO Vlad Tenev has framed the move as an extension of the company’s original mission: giving retail investors access to corners of finance traditionally reserved for institutions. As an underwriter, even a junior one, Robinhood gets some influence over how shares are allocated before they start trading publicly. That’s a meaningful upgrade from the company’s prior IPO Access program, which let users request shares but off...