Oura, which sells smart rings and subscriptions for personalized health insights, announced terms for its IPO on Monday.
The San Francisco, CA-based company plans to raise $2.1 billion by offering 50 million shares (73% secondary) at a price range of $40 to $44. Cornerstone investors Eli Lilly and Dragoneer Investment Group have indicated on $400mm of the IPO (19% of the deal). At the midpoint of the proposed range, Oura would command a fully diluted market value of $14.9 billion.
Oura sells a finger-worn sensor ring that tracks sleep, activity, stress, heart health and women's health, paired with an app that turns the readings into more than 50 metrics and AI-generated guidance. Hardware accounted for 80% of revenue in the first nine months of fiscal 2026, with the remaining 20% from recurring membership subscriptions that unlock the full suite of health insights. Oura sells direct to consumers and through approximately 8,400 retail doors, and reaches additional members through employers, government organizations and healthcare partners. As of June 30, 2026, it served 5.0 million Paid Members (+100% y/y) across 56 markets worldwide, with 12-month paid member retention of approximately 85%.
Oura was founded in 2013 and booked $1.4 billion in revenue for the 12 months ended June 30, 2026. It plans to list on the Nasdaq under the symbol OURA. Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company, Jefferies, BofA Securities, Barclays, Wells Fargo Securities, Citizens JMP, KeyBanc Capital Markets, Guggenheim Securities, Canaccord Genuity, Needham & Co., Raymond James, Rothschild, Truist Securities, and William Blair are the joint bookrunners on the deal. It is expected to price during the week of Monday September 28, 2026.
In addition to shares allocated by co-manager Robinhood, a portion of the offering will be sold to retail investors through Coinbase, which is acting as a selling group member.
