Robinhood has secured its first role as an underwriter for the upcoming IPO of Oura, a smart-ring manufacturer. The brokerage firm is listed as the 18th member of a syndicate consisting of 18 banks, with Goldman Sachs, Morgan Stanley, and J.P. Morgan serving as lead bookrunners.
Oura aims to raise up to $3 billion, targeting a valuation exceeding $16 billion. This follows the company's Series E round in October 2025, which valued the firm at approximately $11 billion. Oura submitted its S-1 filing on September 3.
For the nine months ending June 30, 2026, Oura reported revenue of $1.21 billion, marking a 74% year-over-year increase, and a net income of $60.8 million. The company currently has 5 million paid members, with an 85% retention rate over a 12-month period.
Robinhood received regulatory approval to underwrite transactions in June 2026. CEO Vlad Tenev stated that the firm intends to leverage data-driven insights from its retail platform to provide demand signals to issuers, aiming to build a track record in the IPO market.
On September 2, Oura appointed four independent directors, including Jason Warnick, the former CFO of Robinhood. The brokerage's participation in the IPO is intended to provide retail investors with greater access to share allocations compared to the company's previous IPO Access program.
