Oura's $2.1 billion ring IPO names Robinhood; Hong Kong's Forms Syntron refunds applicants
Oura's smart-ring offering files $40.00–$44.00 terms with Robinhood named as a co-manager, Friday's two priced U.S. deals trade below their offer prices, and Hong Kong opens five subscription windows while Forms Syntron refunds applicants after pulling its listing.
Nothing is scheduled to price or list on U.S. exchanges today. The next deal in line is Oura (OURA), whose terms were filed yesterday with Robinhood named as a co-manager on the offering. Two of Friday's three deals priced and both trade below their offer prices; the third postponed. Hong Kong has five public subscription windows open, closing Thursday and Friday, and the company that was to start trading there this morning is refunding applicants instead. 123
Today's spotlight: Oura Inc. (OURA)
Status: Oura filed terms on September 21 for 50 million shares at $40.00 to $44.00, to list on the Nasdaq Global Select Market under OURA, and is expected to price in the week of September 28. Stock Analysis carries September 30 as the listing date. 145
The business in one sentence: Oura sells a ring that reads sleep, heart rate and other signals from a finger, plus a membership that turns those readings into health metrics in an app. 4
Why it matters to a retail account: at $2.1 billion, this is the largest U.S. IPO on the next two weeks' calendar, and the retail path is the part worth knowing. Robinhood is a co-manager, and its IPO Access offers shares only in offerings it takes part in. A directed share program reserves up to 7.5% of the offering at the IPO price for individuals management identifies — an invited list rather than an open public window. Renaissance Capital adds that part of the offering will also be sold to retail investors through Coinbase as a selling group member. 124
The number to watch: 5.7 million paid members. Oura reported 5.0 million at June 30, 2026, about double a year earlier, and yesterday's amendment says it expects to end its fiscal year on September 30 with about 5.7 million, up 96%, on sales of the new Oura Ring 5. Revenue for the nine months to June 30 was $1.21 billion, up 74%. 124
The risk: most of the money raised goes to existing holders. Of the 50 million shares, 36.5 million — 73% — come from selling stockholders, with an option on up to 7.5 million more of their shares; Oura's own proceeds come from 13.5 million new shares, about $567 million at the $42 midpoint before costs. The ring and the membership are also substantially all of revenue, which makes the fiscal-year member count the checkpoint: about 5.7 million for the year ending September 30. A materially lower figure in that report is the signal. 14
Subscription status: no public subscription window is open and no final price is set. Robinhood publishes program rules rather than a live list of offerings outside its app, so IPO Access is worth opening in the app. The timing in those rules: a request can be placed once a price range is published, and the last chance to confirm or cancel comes in a window of at least 60 minutes on the day before trading begins, expected in the week of September 28. Allocation is random and no fee is added. 6
Actionable now
Verified open U.S. IPO allocations: 0. Five fields have to line up before an allocation is actionable: ticker, confirmed price range, a deal-specific minimum buy-in, an order deadline, and a named broker order path. One deal meets three of the five.
| Offer | Ticker and price range | Minimum buy-in | Order deadline | Retail order path |
|---|---|---|---|---|
| Oura | OURA; $40.00–$44.00, filed Sept 21 | Unpublished | Unpublished; the confirmation window runs the day before trading, expected in the week of Sept 28 | Robinhood, a co-manager on the deal 26 |
Readers can repeat the check:
| Surface checked this morning | What it exposed | Verifiable order path |
|---|---|---|
| Webull IPO Center | 12 tracking rows, among them OURA at $40.00–$44.00, BMB, AMRO and ADRX | Order deadlines and deal minimums unpublished 7 |
| Robinhood IPO Access | Program rules only | Offering list sits inside the app 6 |
| Firstrade upcoming IPO list | Bamboo Insurance and Amaero due Sept 23; Siyata due Sept 30 | No order cutoff published 8 |
| SoFi and Public | No public IPO offer pages | None 910 |
Market pulse
- The biggest of Friday's three deals never priced. Holtec Nuclear postponed its $825 million offering on Friday, after filing for 50 million shares at $15.00 to $18.00. The Camden, New Jersey company services nuclear plants and is developing a small modular reactor, on $560 million of revenue for the twelve months to June 30, 2026. 11
- The two deals that priced trade below their offer prices. Electra Therapeutics sold 23,333,334 shares at $15.00, up from the 21,666,667 it had filed, and last traded 7.2% lower at $13.92. Orion180 Insurance priced at $12.00, below its $15.00 to $17.00 range, and last traded 5.2% lower at $11.38. Both figures are as of the most recent close. 812
- Hong Kong's most oversubscribed deals trade below their listing prices. Transwarp Technology drew 73.86 times the shares in its public tranche and has fallen 13.4% from its HK$49.00 listing price since Monday's debut; Mech-Mind Robotics drew 3,835 times and sits 19.5% below its listing price. Of the six most recent listings on ET Net's table, Excelland Robotics is the only one above its listing price, at +169.9%. 3
HK desk
Five public subscription windows are open, all closing at noon Hong Kong time on Thursday or Friday and listing on September 29 or 30. Entry cash is the minimum application amount ET Net publishes.
| Code and company | Offer price | Board lot and entry cash | Public close | Listing |
|---|---|---|---|---|
| 03228 Kinwong | HK$69.88 | 100 shares; HK$7,058.47 | Sept 24 | Sept 29 3 |
| 03757 Robotechnik | HK$436.00 | 50 shares; HK$22,019.85 | Sept 24 | Sept 29 3 |
| 06731 Direct Drive | HK$21.60 | 100 shares; HK$2,181.78 | Sept 24 | Sept 29 3 |
| 09607 RA Materials | HK$39.00–44.00 | 100 shares; HK$4,444.38 | Sept 24 | Sept 29 3 |
| 06802 Camsense | HK$58.85 | 100 shares; HK$5,944.35 | Sept 25 | Sept 30 3 |
The largest ticket is Robotechnik: 11.88 million H shares at HK$436.00, about HK$4.96 billion of net proceeds, with 40% of the money for capacity aimed at high-performance computing. It says it ranked first globally in silicon-photonics manufacturing equipment by 2025 revenue, at a 20.5% share. 13 RA Materials is Red Avenue New Materials, which says it led global sales of phenolic resin rubber additives for tyres in 2025 at 41.4%. 14
One of this morning's two Hong Kong listings traded and one did not. 09856 Ligent Technologies closed its first day at HK$34.48, up 4.6% from its HK$32.96 offer price, after opening 11.0% higher. 06700 Shenzhen Forms Syntron Information never opened: it said on Thursday that it would postpone the listing and not sign the international underwriting agreement, and will refund all application money without interest by today, September 22. It had aimed to raise up to HK$943.4 million at up to HK$16.00 a share, with HK$119.6 million lined up from cornerstone investors. 315
On the radar: September 22 to October 6
Where a source publishes a pricing week rather than a date, the pricing week is given; the other rows say undisclosed.
| Deal | Pricing | Expected listing | Terms | Why watch |
|---|---|---|---|---|
| Bamboo Insurance (BMB) | week of Sept 21 | Sept 23 | 35.0M shares; $18.00–$20.00; NYSE | The week's largest at $665 million, and every share comes from selling stockholders 16 |
| Amaero (AMRO) | week of Sept 21 | Sept 23 | 7,456,500 shares at $7.06; Nasdaq | A $53 million cross-listing of an Australian titanium powder maker supplying defense and aerospace 3D printing 16 |
| ADARx Pharmaceuticals (ADRX) | week of Sept 21 | Sept 25 | 21,875,000 shares; $15.00–$17.00; Nasdaq | A $350 million Phase 3 biotech; AbbVie has agreed to buy $80 million of shares at the midpoint for a 4.9% stake 17 |
| Siyata (PTT) | undisclosed | Sept 30 | 6,112,327 shares; $7.00 | Firstrade carries the date without a price; Stock Analysis lists $7.00 58 |
| Nscale | undisclosed | Not scheduled | Estimated $2.0 billion | A UK data-centre provider that filed on Sept 18 for one of the largest U.S. listings in the pipeline 18 |
Market information only, not investment advice. IPO terms, dates, retail allocation availability and opening prices can change.
References
- 1
- 2
- 3ET Net IPO Page
etnet.com.hk
- 4Renaissance Capital: Oura sets terms
renaissancecapital.com
- 5Stock Analysis IPO Calendar
stockanalysis.com
- 6Robinhood IPO Access
robinhood.com
- 7Webull IPO Center
webull.com
- 8Firstrade Upcoming IPOs
firstrade.com
- 9SoFi Invest IPO page
sofi.com
- 10Public IPO page
public.com
- 11Renaissance Capital: Holtec Nuclear postpones $825 million IPO
renaissancecapital.com
- 12Stock Analysis: Recent IPOs
stockanalysis.com
- 13ET Net: Robotechnik 03757
etnet.com.hk
- 14ET Net: RA Materials 09607
etnet.com.hk
- 15
- 16Renaissance Capital: US IPO Week Ahead
renaissancecapital.com
- 17Renaissance Capital: ADARx Pharmaceuticals sets terms
renaissancecapital.com
- 18Renaissance Capital: Nscale files for an estimated $2.0 billion US IPO
renaissancecapital.com
This story was produced automatically by a channel. One sentence is all it takes for Neodrop to keep producing for you.