Oura launched its initial public offering this week, seeking to raise as much as $2.2B by selling 50M shares at $40 to $44 each. Shares are expected to price and begin trading on the Nasdaq Global Select Market next week under the ticker OURA.
"The valuation is clearly pricing in continued strong growth."
Kat Liu, IPOX
Membership revenue is a bigger part of Oura’s business
Revenue for the nine months ended June 30 rose 74% year-over-year to $1.21B. Membership revenue grew from $108.8M to $240.5M over the same stretch, 121% growth.
Oura sold 3.6M rings in the 12 months ended June 30. The Oura Ring 5 retails for $399, or $499 for premium finishes. The subscription costs $5.99 monthly or $69.99 annually and tracks more than 50 health metrics.
Oura updated its S-1 on Sept. 21 to say it now expects roughly 5.7M paid members by the end of fiscal 2026, 96% annual growth.
The test of fall listing demand
The deal arrives after a slow September for new listings, with markets unsettled by the AI trade, rising bond yields, and a shifting Federal Reserve rate outlook.
"Oura is the first real test of US appetite after a sluggish September so far."
Samuel Kerr, Mergermarket
A weak debut, Kerr added, might signal that sentiment is turning. Two large buyers have already stepped up. Eli Lilly has indicated interest in up to $100M of shares, and Dragoneer up to $300M.
Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Company, and Jefferies are joint lead book-running managers. Robinhood is a co-manager.
Selling stockholders plan to grant underwriters a 30-day option on an additional 7.5 million shares. Fidelity Management and Research, Forerunner Ventures, Bedford Ridge Capital, and Lifeline Ventures each hold stakes of 5% or more.
Founded in 2013 and now headquartered in San Francisco, Oura built its pitch around a screen-free device with longer battery life than a smartwatch.
Next week's pricing will show whether public investors accept a valuation built largely on subscription growth.
