Oura Launches IPO Roadshow Targeting $2.2 Billion

Reuters·21 Sep 2026·

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Corporate Action Product / Tech Pharmaceuticals

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Summary · why it matters

Oura launched its initial public offering on Monday, aiming to raise up to $2.2 billion by selling 50 million shares at a price range of $40 to $44 apiece. Of those 50 million shares, Oura itself is offering 13.5 million and existing stockholders are offering the remaining 36.5 million, with the company receiving no proceeds from the stockholder portion; 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, and the company has applied to list on the Nasdaq Global Select Market under the ticker symbol OURA, with trading expected to begin next week. Eli Lilly has signaled it may buy up to $100 million worth of shares, while investment firm Dragoneer has expressed interest in acquiring up to $300 million worth, and the lead underwriters are Goldman Sachs, Morgan Stanley, and J.P. Morgan, with Allen & Company and Jefferies acting as joint lead book-running managers. 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, and the company projects its paid membership base will reach approximately 5.7 million by the close of fiscal 2026. The IPO follows a late-stage funding round last October that brought in $900 million and pushed Oura's valuation to $11 billion, and it arrives as the company defends against a proposed class-action lawsuit filed in August alleging its ring cannot measure sleep stages with the accuracy claimed in its marketing.

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