Robinhood serves as an IPO underwriter for the first time: participating in the listing of smart ring manufacturer Oura

According to The Wall Street Journal, smart ring manufacturer Oura has listed Robinhood as an underwriter in its IPO filing, marking Robinhood's first formal involvement in IPO underwriting. Oura's listing is expected to be valued at over $11 billion, with Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co., and Jefferies serving as co-lead underwriters, while Robinhood ranks last among the 18 underwriting firms.

Robinhood received regulatory approval for underwriting business in June this year. As an underwriter, Robinhood is expected to gain greater influence over how many shares Oura ultimately allocates to its clients. Current popular IPOs typically prioritize allocations to institutional investors, and the shares available to retail investors through brokers often fall short of actual demand. Robinhood has previously established several connections with Oura. Oura has invited Robinhood's former CFO Jason Warnick to join its board; the closed-end fund launched by Robinhood in March of this year also invested in Oura, which accounts for 3.64% of the fund's assets. However, Georgetown University finance professor Reena Aggarwal believes that Robinhood's initial influence in the IPO underwriting market may still be limited.