The $15.6B Smart Ring Bet: Oura Takes On Wall Street With IPO

Oura Inc. is pitching its U.S. initial public offering to investors, aiming for a fully diluted value of about $15.62 billion as it sizes up demand for consumer tech deals. The smart-ring maker plans to price next week, as markets remain jittery around rates and shifting expectations for the Federal Reserve.

In its offering plan, the company and certain current holders could raise up to $2.2 billion by selling 50 million shares if the deal prices at the top of a $40 to $44 range, according to a regulatory filing. The shares are expected to list on Nasdaq under the symbol OURA.

So far, Eli Lilly and Company has indicated an interest in purchasing up to $100 million of its shares in the offering. Funds affiliated with Dragoneer Investment Group LLC have reportedly indicated an interest in buying up to $300 million worth of shares. Both investors would purchase the shares at the IPO price and on the same terms as other investors.

Goldman Sachs, Morgan Stanley and JPMorgan are leading the underwriting group for the offering. The IPO is expected to be priced and begin trading next week

Oura’s filing shows the company sold 3.6 million rings in the 12 months ended June 30. Revenue climbed about 74% during the nine-month period, ending June 30 from a year earlier to $1.21 billion. 

Fiscal 2026 should conclude with roughly 5.7 million paid members — 96% growth versus the prior year.

Entrepreneurs Petteri Lahtela, Kari Kivela,and Markku Koskela founded the San Francisco- and Finland-based company in 2013.

In September 2025, the company’s valuation hit $11 billion, after a funding round raised $875 million in Series E.

Currently, the company faces a class-action lawsuit as consumers allege that it misled them about the accuracy of its device’s sleep-stage and sleep-quality measurements. Oura denied wrongdoing and defended its research and accuracy claims.

Photo: courtesy of Oura Health