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Oura commenced its initial public offering on Monday, seeking to raise up to $2.2 billion through the sale of 50 million shares priced between $40 and $44 each. The company filed to list on the Nasdaq Global Select Market under the ticker “OURA,” with trading set to commence next week, per Reuters.
Of the total 50 million shares, Oura is selling 13.5 million while existing stockholders are offering the remaining 36.5 million, the company disclosed. Oura will not receive proceeds from shares sold by existing stockholders. Those selling stockholders also plan to grant underwriters a 30-day option to purchase up to 7.5 million additional shares. The offering targets a fully diluted valuation of $15.62 billion, Reuters reported.
Eli Lilly has indicated it may purchase up to $100 million in shares, while investment firm Dragoneer has signaled interest in acquiring up to $300 million, according to Reuters.
Goldman Sachs, Morgan Stanley, and J.P. Morgan are serving as lead underwriters for the offering. Allen & Company and Jefferies are also acting as joint lead book-running managers, the company stated.
According to its IPO prospectus, Oura sold 3.6 million rings in the year through June 30, generating $1.21 billion in revenue for the nine months ended on that date — a roughly 74% increase year-over-year. The company projects its paid membership base will reach approximately 5.7 million by the end of fiscal 2026, nearly doubling from the prior year.
The IPO follows a late-stage funding round last October that raised $900 million and valued the company at $11 billion. Founded in Finland in 2013, Oura relocated its headquarters to San Francisco. Its ring tracks sleep, activity, and heart health metrics, syncing data with a smartphone app.
Oura is also facing a proposed class-action lawsuit filed in August that alleges its ring cannot measure sleep stages with the accuracy claimed in its marketing. The company disputes the allegations and intends to defend against them.
The IPO arrives amid a fragile market environment. Investors have grown increasingly cautious amid turbulence tied to the AI trade, rising bond yields, and uncertainty over the Federal Reserve’s interest rate path, Reuters reported.
