Oura's filing outlines 50 million shares on offer, with 13.5 million from the company and 36.5 million from existing holders, at an indicated range of $40 to $44. At the high end, the implied market cap would be $14.1 billion based on shares outstanding, or about $15 billion on a fully diluted basis when including options and restricted stock units. By comparison, in 2025 the company carried an approximately $11 billion valuation following a Series E round that brought in $875 million.
An investor presentation indicates the IPO is expected to price on Sept. 29. Shares are expected to list on the Nasdaq Global Select Market with the ticker OURA. Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co., Allen & Co., and Jefferies Financial Group Inc. will act as lead underwriters on the deal.
This year's IPO buyers have chased big-ticket tech names. SpaceX - billionaire Elon Musk's company focused on rockets, satellites and artificial intelligence - set a record with an $86.2 billion listing. Oura won't rival those sizes, but it lands in a market that's rewarding growth stories it understands.
Oura makes smart rings that measure sleep, activity and heart data, with results accessed in an app and through the Oura Advisor AI assistant. The company says it sold about 3.6 million rings in the past year. The Oura Ring 5 starts at $399, or $499 for premium finishes, and is offered in shades such as gold, silver, and deep rose.
Many buyers like that a ring feels less bulky than a smartwatch, which often needs near daily charging. Founded in 2013, Oura lists offices in Oulu and Helsinki, plus San Francisco, San Diego and Los Angeles.
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Beyond the device itself, Oura Membership monitors over 50 health metrics and delivers tailored guidance spanning nutrition; conception and fertility planning; as well as therapy and medication monitoring. As of June 30, the service counted more than five million paying members. In the US, pricing is $5.99 each month or $69.99 for an annual plan.
Over the nine months that concluded on June 30, Oura posted $1.21 billion in revenue and recorded a $924.3 million net loss for stockholders, versus $697.6 million in revenue and a $182.8 million net loss in the equivalent stretch a year prior. Those losses reflect the impact of a deemed dividend affecting certain owners of redeemable convertible preferred stock. Several investors plan to sell shares.
Forerunner Ventures plans to dispose of its 9.3% holding, while Fidelity Management and Research's ownership is set to move to 10.4% from 10.9%, Bedford Ridge Capital to 8.9% from 9.2%, and Lifeline Ventures to 4.9% from 7.3%. If OURA trades well, it signals not just an open IPO window but steady demand for wearables that pair a device you might actually want to wear with a subscription you may already use. That combo could show up in more of the gadgets competing for your budget.
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