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BusinessQuiet 5d · day 5

Oura launches $15.6B IPO for smart-ring health tracker

The wearables company begins U.S. roadshow targeting Nasdaq listing next week at $40–$44 per share.

What to know

  • Oura targets $15.62B fully diluted valuation in Nasdaq IPO launching next week, offering 50M shares at $40–$44 each, potentially raising $2.2B.
  • The company achieved 74% year-over-year revenue growth to $1.21B and expects 96% membership growth to 5.7M paid members by end of fiscal 2026.
  • IPO valuation jump from $11B private valuation reflects investor confidence in the subscription-revenue model and mainstream appeal of screen-free health-tracking rings.

“Oura is beginner-friendly and fashionable and can feel like an easy addition to everyday life.”

Kat Liu, VP at IPOX · Hindustan Times ↗ · Sep 20

Oura Smart-ring health tracking companyKat Liu VP at IPOX

How it unfolded 1 development · click the chart to see its coverage articles

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Sep 22Sep 23Sep 24yesterdaynow · 2:27 PM ET
  1. 1

    Smart rings positioned between fitness trackers and smartwatches

    Oura's screen-free ring design targets consumers seeking continuous health monitoring without the bulk or complexity of smartwatches. Analysts note the product appeals to mainstream wellness consumers, not just serious athletes, expanding the addressable market and justifying the higher IPO valuation compared to the company's $11 billion private valuation one year prior.

    1. first by Inc, 5d ago

    2. first by Hindustan Times, 5d ago

  2. background

    Oura reports 74% revenue growth and 96% membership expansion — Oura generated $1.21 billion in revenue in the nine months ended June 30, representing 74% growth year-over-year. The company expects to finish fiscal 2026 with 5.7 million paid members, up 96% from the prior year, signaling strong growth in recurring subscription revenue that supports the IPO valuation.

  3. background

    Oura launches IPO roadshow targeting $15.6B valuation — Oura begins U.S. IPO roadshow targeting a fully diluted valuation of $15.62 billion, with plans to list on Nasdaq under ticker "OURA" next week. Goldman Sachs, Morgan Stanley and J.P. Morgan are leading the IPO, which will offer up to 50 million shares at $40–$44 per share, potentially raising around $2.2 billion.