Robinhood acts as lead underwriter for the first time, participating in the IPO of smart ring maker Oura

BlockBeats News, September 8 - According to The Wall Street Journal, smart ring maker Oura has listed Robinhood as an underwriter in its IPO filing, marking Robinhood's first formal participation 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 joint lead underwriters, while Robinhood ranks last among the 18 underwriting institutions.

Robinhood received regulatory approval for its 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 customers. Currently, popular IPOs typically prioritize allocations to institutional investors, with retail investors often receiving fewer shares through brokers than actual demand.

Robinhood and Oura have previously established multiple connections. Oura has invited Robinhood's former Chief Financial Officer Jason Warnick to join its board of directors; the closed-end fund launched by Robinhood in March this year has also invested in Oura, with the latter accounting for 3.64% of the fund's assets. However, Reena Aggarwal, a finance professor at Georgetown University, believes that Robinhood's initial influence on the IPO underwriting market may remain limited.