Robinhood ranks last of 18 banks on the Oura IPO. The channel it just joined is being built for what comes next.

Robinhood secured its first IPO underwriting slot, ranking last among 18 banks on Oura’s offering, but its participation signals retail brokers’ entry into primary market syndicates. The deal allocated roughly 20% of shares to individual investors, and Fidelity lowered its minimum order from $500,000 to $2,000, dramatically widening retail access. This shift precedes upcoming AI IPOs, where broader retail distribution is expected to play a crucial role.