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SAN FRANCISCO, Calif. — Robinhood (HOOD) appears to be grabbing a piece of lucrative underwriting business from old-school investment banks.
The company officially landed its first-ever formal IPO underwriting role, joining a syndicate of 18 institutions listed on smart-ring maker Oura's recent S-1 filing.
While Wall Street giants like Goldman Sachs (GS), Morgan Stanley (MS), and JPMorgan Chase (JPM) are acting as lead bookrunners, the inclusion of Robinhood (No. 18 on the underwriting list) gives it stronger leverage over share allocations for its massive retail trading user base.
"We want to do more," Robinhood co-founder and CEO Vlad Tenev told Yahoo Finance from the Goldman Sachs Communacopia & Tech Conference (video above). "I think as an underwriter we'll really be able to represent retail and be in the room in a big way, which will hopefully lead to bigger allocations."