Oura launched its initial public offering on Monday, aiming to collect up to $2.2 billion by selling 50 million shares at a price range of $40 to $44 apiece. The company has applied to list on the Nasdaq Global Select Market under the ticker symbol “OURA,” with trading expected to begin next week, according to Reuters.
Of the 50 million shares, Oura itself is offering 13.5 million and existing stockholders are offering the remaining 36.5 million, the company said. Oura will not receive proceeds from the shares sold by existing stockholders. The selling stockholders also intend 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, according to Reuters.
Eli Lilly has signaled it may buy up to $100 million worth of shares, and investment firm Dragoneer has expressed interest in acquiring up to $300 million worth, Reuters reported.
The offering’s lead underwriters are Goldman Sachs, Morgan Stanley, and J.P. Morgan. Allen & Company and Jefferies are also acting as joint lead book-running managers, the company said.
According to its IPO prospectus, Oura moved 3.6 million rings in the year through June 30, with revenue hitting $1.21 billion for the nine months ended on that date — a roughly 74% jump from the same period a year earlier. By the close of fiscal 2026, the company projects its paid membership base will reach approximately 5.7 million, nearly doubling from the year before.
The IPO comes as Oura has been building toward a public listing after a late-stage funding round last October brought in $900 million and pushed its valuation to $11 billion. Founded in 2013 in Finland, the company has since moved its headquarters to San Francisco. Its ring tracks metrics including sleep, activity, and heart health, syncing with a smartphone app.
Oura is also contending with a proposed class-action lawsuit filed in August alleging its ring cannot measure sleep stages with the accuracy the company claims in its marketing. Oura said it disputes the allegations and intends to defend against them.
The IPO arrives at a fragile moment for markets. Investors have grown increasingly cautious amid turbulence tied to the AI trade, climbing bond yields, and questions about where the Federal Reserve will take interest rates, according to Reuters.