Catenaa, Monday, September 21, 2026- The Finnish smart ring maker Oura is targeting a $2.1 billion US IPO, with a fully diluted valuation of $15.62 billion.
The 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.
According to Reuters, the deal comes as uncertainty around the AI trade, rising bond yields, and Federal Reserve rate hikes has kept markets jittery in recent weeks.
“Oura is the first real test of US appetite after a sluggish September so far and a period of more volatile markets. If it comes strongly out of the gate, it will encourage other issuers,” Samuel Kerr, Global Head of Equity Capital Markets at Mergermarket, told Reuters.
“However, a weaker IPO might set alarm bells ringing that market sentiment may be turning,” he said.
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.
The health-tech company said that 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 reached a valuation of about $11 billion in a late-stage funding round last year.
Goldman Sachs, Morgan Stanley, and J.P. Morgan are the lead underwriters of the IPO.
After the IPO, Oura will list on the Nasdaq under the ticker symbol “OURA.”
