Oura is targeting a fully diluted valuation of approximately $15.6 billion in its upcoming US initial public offering (IPO) in short Oura IPO putting the smart ring maker in the spotlight as investors assess demand for fast-growing consumer technology companies.
The company has launched its IPO roadshow and plans to offer 50 million shares at an expected price of $40 to $44 per share.
At the top of the proposed price range, Oura could raise approximately $2.2 billion from the offering before fees and expenses.
The company plans to sell 13.5 million newly issued shares, while existing shareholders are offering approximately 36.5 million shares.
Oura intends to list its common stock on the Nasdaq under the ticker symbol “OURA.”
Oura IPO Valuation Reaches $15.6 Billion
The proposed Oura IPO valuation represents a substantial increase from the company’s previous private-market valuation.
Oura was valued at approximately $11 billion in a late-stage funding round last year.
The new IPO could therefore give the smart ring company a significantly higher public-market valuation if the shares are priced at the top of the proposed range.
The offering is being led by major investment banks, including Goldman Sachs, Morgan Stanley and J.P. Morgan.
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Oura Plans to Raise Up to $2.2 Billion
Oura has set an initial IPO price range of $40 to $44 per share.
The company and its existing investors plan to sell a total of 50 million shares.
At $44 per share, the offering would have a gross value of approximately $2.2 billion.
The IPO proceeds will include money raised through the sale of newly issued shares by Oura, while proceeds from shares sold by existing shareholders will go to those selling investors.
Several large investors have also expressed interest in participating in the offering.
Eli Lilly has indicated interest in purchasing up to $100 million of shares, while Dragoneer has indicated interest in purchasing up to $300 million worth of shares.
Oura’s Smart Ring Business Continues to Grow
Oura has established itself in the growing smart-ring market by focusing on health, wellness and sleep tracking.
Its devices can monitor metrics including heart rate, sleep, activity and other health-related measurements.
The company sold approximately 3.6 million Oura Rings during the 12 months ended June 30, 2026.
Oura’s revenue has also grown rapidly.
For the nine months ended June 30, 2026, the company reported approximately $1.21 billion in revenue, up roughly 74% from the same period a year earlier.
The strong revenue growth has been one of the major factors supporting the company’s IPO plans.
Oura Membership Growth Drives Recurring Revenue
Oura’s business model combines hardware sales with a recurring membership subscription.
Customers purchase an Oura Ring and can subscribe to the company’s membership service to access additional health insights, analysis and software features.
The company had approximately 5 million paid members as of June 30, 2026.
Oura expects to finish fiscal 2026 with approximately 5.7 million paid members, representing around 96% growth compared with the previous year.
The growing membership base is important because subscription revenue provides Oura with a recurring source of income beyond hardware sales.
Why Smart Rings Are Becoming More Popular
Smart rings offer consumers many of the health-monitoring features associated with fitness trackers and smartwatches in a smaller form factor.
Unlike smartwatches, smart rings generally do not have large screens or require users to interact with a display throughout the day.
Oura has focused heavily on sleep monitoring, recovery, activity tracking and personalized health insights.
The company’s smaller design and longer battery life have helped it establish a position in the wearable technology market.
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Oura Faces Competition From Wearable Technology Companies
The smart-ring market is part of the broader wearable technology industry, where consumers can choose from smartwatches, fitness trackers and other health-monitoring devices.
Companies such as Apple, Samsung and Garmin compete in the wider wearable technology market with products offering health and fitness features.
Oura’s strategy is centered on its screen-free ring design, health-monitoring capabilities and subscription-based software platform.
The company is also investing in artificial intelligence and software features designed to turn health data into personalized insights.
Oura Reports Strong Profit Growth
Oura’s financial performance has improved alongside its revenue and membership growth.
For the nine months ended June 30, 2026, the company reported approximately $60.8 million in net income, compared with about $1.6 million during the same period a year earlier.
Its adjusted EBITDA reached approximately $106.7 million during the nine-month period.
The improvement in profitability could be an important factor as investors evaluate Oura’s proposed valuation.
Oura IPO Could Become a Major Consumer Technology Listing
The Oura IPO comes at an important time for the US IPO market.
Investors are closely watching new technology listings as companies seek to return to the public markets following periods of uncertainty and market volatility.
Oura’s combination of rapid revenue growth, expanding membership and recurring subscription revenue gives the company a business model that extends beyond traditional consumer hardware.
However, its proposed valuation also places significant expectations on future growth.
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When Will Oura Stock Start Trading?
Oura is expected to price its IPO and begin trading on the Nasdaq under the “OURA” ticker following completion of the offering.
The company is expected to make its public-market debut during the week following its IPO roadshow, subject to final pricing and market conditions.
Investors will be watching the IPO price, demand for the shares and Oura’s performance once trading begins.
Oura IPO Key Facts
- Company: Oura
- IPO: US initial public offering
- Proposed ticker: OURA
- Exchange: Nasdaq
- IPO price range: $40–$44 per share
- Total shares offered: 50 million
- Potential offering value: Up to approximately $2.2 billion
- Target fully diluted valuation: Approximately $15.6 billion
- Paid members: Approximately 5 million
- Expected fiscal 2026 paid members: Approximately 5.7 million
- Nine-month 2026 revenue: Approximately $1.21 billion
- Revenue growth: Approximately 74% year over year
- Lead underwriters: Goldman Sachs, Morgan Stanley and J.P. Morgan
