Oura launches IPO roadshow, seeking up to $2.2 billion on Nasdaq
The smart-ring maker set a $40–$44 price range for 50 million shares, testing public-market appetite for venture-backed consumer hardware with a subscription attached.
By Tech CEO Daily Staff, Newsroom
· 2 min read
The news
Oura, the Finnish-founded, San Francisco-based maker of the Oura Ring, formally launched its initial public offering on September 21. The company said it is marketing 50 million shares at $40 to $44 each and has applied to list on the Nasdaq Global Select Market under the ticker “OURA.”
Only part of the deal raises new money for the company. Oura is selling 13.5 million shares; existing stockholders are selling the other 36.5 million and keep those proceeds. At the range, the full offering would total up to $2.2 billion, while Oura’s own slice works out to roughly $540 million to $594 million before fees. Selling shareholders also plan to give underwriters a 30-day option on 7.5 million more shares.
Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company and Jefferies are the lead bookrunners. Reports on the roadshow put the fully diluted valuation target at about $15.6 billion, and said Eli Lilly and Dragoneer Investment Group had indicated interest in buying up to $100 million and $300 million of stock, respectively. Indications of interest are not binding.
The financials are unusual for a consumer-hardware IPO. According to Yahoo Finance’s review of the filing, Oura booked $1.21 billion in revenue in the nine months ended June 30, 2026, up 74% year over year, and reported net income of $60.8 million. Subscription revenue grew faster than hardware, though devices still made up roughly 80% of sales. The company said it expects to finish fiscal 2026 with about 5.7 million paid members, up 96%.
The filing also flags risks, including a consumer class action challenging the accuracy of its sleep-tracking claims, according to the same report. Pricing is expected the week of September 28.
The numbers
- Price range
- $40–$44 per share
- Shares offered
- 50M (13.5M by Oura, 36.5M by holders)
- Max offering size
- About $2.2B
- Target valuation (reported)
- About $15.6B fully diluted
- Revenue, 9 months to June 30
- $1.21B (+74%)
Why CEOs should care
Oura is a profitable, fast-growing venture-backed company going public, and those have been scarce. How it prices and trades will shape how other late-stage consumer and health-tech companies (and their boards) think about listing versus staying private. A strong debut could pull more IPO filings forward; a weak one would reinforce the preference for secondary sales and private rounds.
For executives in health, insurance and employee benefits, the notable detail is Eli Lilly’s stated interest. It signals that pharma sees continuous consumer health data as strategically valuable, which could speed partnerships between wearables makers, drugmakers and payers, along with more scrutiny of accuracy claims and data use.
What's next
Watch where the deal prices against the range, how much of the book goes to long-term holders, and whether the 80% hardware mix weighs on the multiple once trading starts.
Sources
- PrimaryŌURA Announces Launch of Initial Public Offering— Business Wire (via FinancialContent)
- ReportOura’s $15.6 Billion IPO Is Betting Investors See More Than a Smart Ring— Yahoo Finance
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