Oura IPO Four Times Oversubscribed as Smart-Ring Maker Targets $15.6B Valuation

Oura is seeking up to $2.2 billion in a US initial public offering that would value the smart-ring maker at about $15.6 billion on a fully diluted basis. Bloomberg reported on Sept. 25 that the deal is about four times oversubscribed, with orders running far ahead of the 50 million shares on offer.

Offering terms and valuation

Oura and its selling shareholders are offering 50 million shares priced between $40 and $44 each, according to filings with the US Securities and Exchange Commission. The company itself plans to sell 13.5 million shares, while existing shareholders will sell another 36.5 million. The selling stockholders also intend to give underwriters a 30-day option to buy 7.5 million more shares.

Oura has applied to list on the Nasdaq Global Select Market under the ticker “OURA,” with pricing expected on Sept. 29, according to Bloomberg. At the top of the range, Bloomberg put the company's market value at about $14.1 billion based on outstanding shares and about $15 billion fully diluted; Reuters calculated a fully diluted valuation of $15.62 billion. Both figures are well above the roughly $11 billion valuation Oura reached in its 2025 funding round.

Growth comes from rings and memberships

The filing shows a business that sells hardware and subscriptions together. Oura sold about 3.6 million rings in the 12 months ended June 30, while revenue for the first nine months of the year reached $1.21 billion, up about 74% from $697.6 million a year earlier.

Oura expects to close fiscal 2026 with roughly 5.7 million paid members, a 96% year-over-year increase that it attributes mainly to strong sales of the Oura Ring 5. Membership costs $5.99 per month or $69.99 a year in the US and provides access to more than 50 health metrics and personalized insights. Membership revenue more than doubled to $240.5 million at an 89% gross margin.

Most of the money goes to existing investors

Existing shareholders are selling nearly two-thirds of the shares in the deal. At a $42 midpoint, TechCrunch estimates those investors would collect about $1.53 billion before fees and expenses, against roughly $567 million for Oura. The company expects about $526.4 million of its proceeds to cover tax obligations tied to employee stock grants that vest at listing, leaving about $6.2 million for general corporate purposes. Forerunner Ventures, which owns 9.3%, plans to sell its entire stake.

What the listing tests

The offering puts a business built on a screen-free ring, positioned as a smaller alternative to smartwatches, under public-market scrutiny. Investors will watch whether ring sales keep translating into sustained membership growth. Oura also faces a proposed class-action lawsuit claiming the device does not track sleep stages as accurately as advertised; the company denies the allegations and intends to fight the suit.