Oura and some of its existing shareholders are seeking to raise as much as $2.2 billion through a U.S. initial public offering that could value the smart-ring maker at approximately $15.62 billion, according to Reuters.
The offering includes 50 million shares priced between $40 and $44. Oura plans to list on the Nasdaq under the ticker symbol OURA.
The company’s rings track health metrics such as sleep, activity, recovery, heart rate and body temperature. Their smaller form factor has created an alternative for consumers who want continuous health monitoring without wearing a smartwatch.
Oura sold approximately 3.6 million devices during the 12 months ending June 30. Revenue increased 74% to $1.21 billion, and the company expects to reach about 5.7 million paying members by the end of fiscal 2026.
Subscriptions are an important part of Oura’s business model because they provide recurring revenue beyond the initial hardware purchase.
Eli Lilly has indicated interest in purchasing as much as $100 million of IPO shares, while investment firm Dragoneer may acquire up to $300 million.
The offering represents an important test of public-market demand for consumer technology companies during a volatile period for growth stocks. Oura must convince investors that it can maintain hardware sales while expanding subscription revenue and competing with Apple, Samsung, Garmin and other health-technology providers.
The proposed valuation is higher than the approximately $11 billion Oura received during an earlier private financing.
Goldman Sachs, Morgan Stanley and J.P. Morgan are leading the offering. A successful IPO would provide Oura with additional capital for product development, international expansion and potential healthcare partnerships while giving employees and early investors an opportunity to sell shares.
