- Oura plans to sell 50 million shares at $40 to $44 each, with the IPO expected to raise as much as $2.2 billion.
Oura is targeting a fully diluted valuation of $15.62 billion in its initial public offering as the smart ring maker prepares to go public on Nasdaq, giving investors a new way to gain exposure to the growing wearable health technology market.
The company and existing shareholders plan to sell 50 million shares for $40 to $44 each, potentially raising as much as $2.2 billion. Oura is expected to begin trading under the ticker OURA next week, although the final IPO price and trading date have not yet been set.
What is the Oura IPO price?
Oura has set an initial price range of $40 to $44 per share. The offering consists of 13.5 million shares being sold by Oura and another 36.5 million shares being sold by existing shareholders. At the top of that range, the deal would value Oura at approximately $15.62 billion on a fully diluted basis.
The company itself will receive proceeds from the primary shares, while proceeds from the shares sold by existing investors will go to those shareholders. An additional 7.5 million shares could also be sold through an overallotment option, according to the company's IPO filing.
When will Oura stock start trading?
Oura has applied to list its shares on the Nasdaq Global Select Market under the ticker OURA. The company is expected to price the offering and begin trading next week, subject to the IPO process and effectiveness of its registration statement.
The IPO comes as investors have been watching the fall market for signs that demand for new technology listings is returning after a relatively subdued September. Reuters reported that Oura's offering could provide an indication of investor appetite for consumer technology companies amid uncertainty surrounding AI spending, Treasury yields and Federal Reserve policy.
Oura revenue has surged
Oura enters the public market after a sharp increase in revenue and membership. The company generated $1.21 billion in revenue during the nine months ended June 30, up 74% from the same period a year earlier, according to its IPO filings. Oura also sold approximately 3.6 million rings during the 12 months ended June 30.
Oura expects to finish fiscal 2026 with approximately 5.7 million paid members, representing 96% growth from the previous year. Its business combines hardware sales with recurring subscription revenue tied to its health and wellness services.
The company was valued at about $11 billion in a late-stage funding round last year, meaning the proposed IPO valuation would represent a substantial increase from its most recent private-market valuation.
Who is investing in the Oura IPO?
Several large investors have indicated interest in participating in the offering. Eli Lilly and Co. (NYSE: LLY) has indicated interest in purchasing up to $100 million of Oura shares, while investment firm Dragoneer has indicated interest in buying as much as $300 million, according to the IPO disclosures.
Goldman Sachs Group Inc. (NYSE: GS), Morgan Stanley (NYSE: MS) and JPMorgan Chase & Co. (NYSE: JPM) are serving as lead underwriters for the offering.
Oura's IPO will put the company into the public market at a time when investors are closely watching growth expectations for technology companies. The final IPO price, trading date, and initial market reaction will determine how the company enters the public market.