Robinhood enters IPO underwriting, opening access for RIAs

Robinhood has secured its first role as an IPO underwriter for smart-ring maker Oura's initial public offering, as the Silicon Valley brokerage moves into an industry long dominated by Wall Street's biggest banks. 

Oura Inc., the health wearables company behind the Oura Ring, filed its S-1 registration statement with the Securities and Exchange Commission on September 3, 2026, listing Robinhood as one of 18 underwriters on its pending Nasdaq offering. Goldman Sachs, Morgan Stanley, and J.P. Morgan, Raymond James & Associates, Barclays Capital, Wells Fargo, Bank of America, and Jefferies are some of the other underwriters for the IPO. 

“Robinhood Securities is becoming an underwriter,” Scott Victoria, president and COO of TradePMR by Robinhood, told InvestmentNews. “So we're taking one step further of not just being a selling group member, but being an underwriter. I think we're going to get better allocations because of that, just more access.” 

As a formal underwriter, Robinhood gains a direct role in IPO pricing, placement, and share allocation to distribute across its base of more than 27 million funded customers. 

“There's pretty healthy demand for IPOs just in general. Independent RIAs have a hard time accessing, that's what we've been told, these deals,” said Victoria. “It's very slim-pickings on the allocations that they're able to deal with. The bar, the barrier to entry is so high. You have to have so much assets from the RIA level, combined with high bar and access from their underlying customers. We've really kind of eliminated a lot of those things."

The underwriting development coincides with a related move at TradePMR by Robinhood, the Clearwater, Florida-based RIA custodial platform Robinhood acquired for approximately $300 million in November 2024. In June 2026, TradePMR announced Advisor IPO Access, a new feature in its Fusion platform that allows eligible RIAs to participate in select IPOs on behalf of their clients — submitting indications of interest and confirming participation ahead of final pricing and allocation. 

“We've taken something [IPO access] that Robinhood really brought to market for the retail customer, and we've institutionalized that, packaged it up and brought it to TradePMR advisors. So we're really bullish on that,” said Victoria. “The barriers of entry that we have for IPO access are very low. So we're democratizing finance in that sense. And it gives advisors new product that allows them to differentiate themselves even more.” 

Robinhood also debuted an initial public offering for its Robinhood Ventures funds earlier this year. The funds are intended to give both financial advisors and retail investors expanded access to private investments and other alternatives that have historically been more limited to wealthy institutional-level investors.

TradePMR reported assets under management totaling $50 billion as of Robinhood's second-quarter 2026 earnings, up from over $40 billion in assets under administration at the time of the acquisition. The Robinhood Advisor Network referral program, which routes eligible Robinhood users with at least $250,000 in investable assets to RIAs that custody with TradePMR, also went live earlier this year.