Oura sets IPO range at $40 to $44 a share, seeking up to $2.2 billion on Nasdaq

Oura, the company behind the Oura Ring health tracker, set terms for its initial public offering on Monday. An amended registration statement filed with the SEC says it plans to sell 50 million shares at $40 to $44 each and list on the Nasdaq Global Select Market under the ticker OURA. At the top of the range, the deal would raise $2.2 billion.

Who is selling

Most of the shares are not new money for the company. Oura itself is selling 13.5 million shares, and existing shareholders are selling the other 36.5 million. Underwriters have a 30-day option to buy another 7.5 million shares, all from the selling stockholders.

Oura estimates its own net proceeds at about $532.6 million, assuming a $42 price, the middle of the range. About 320.9 million shares would be outstanding after the offering. Reuters reported that the deal targets a fully diluted valuation of $15.62 billion, up from about $11 billion in a private funding round last year.

Two large buyers have signaled interest. The filing says Eli Lilly may buy up to $100 million of stock and funds tied to Dragoneer Investment Group up to $300 million. Those indications are not binding. Goldman Sachs, Morgan Stanley and J.P. Morgan lead a long list of underwriters.

The numbers in the filing

• Revenue: $1.21 billion in the nine months ended June 30, 2026, up 74% from $697.6 million a year earlier. Oura's fiscal year ends September 30, and full-year fiscal 2025 revenue was $907.9 million, up 123%.
• Where it comes from: ring sales brought in $974.0 million over the nine months. Membership, the paid subscription that unlocks the app's insights, brought in $240.5 million, more than double the $108.8 million a year earlier, and about a fifth of the total.
• Profit: net income of $60.8 million for the nine months, against $1.6 million a year earlier. Gross margin rose to 55% from 51%.
• Latest quarter: the three months ended June 30 swung to a net loss of about $10.0 million, after profits in the two quarters before it. The filing notes that hardware sales move with product launches and holiday demand, and that Oura Ring 5 launched in June.

The company, founded in Finland, moved its legal home to Delaware on March 31, 2026 and is based in San Francisco. It qualifies as an emerging growth company, which allows lighter reporting rules for its first years as a public company.

Why the market is watching

Reuters described Oura as a test of investor appetite for consumer technology after a slow start to the fall IPO season, with the AI trade, rising bond yields and last week's Fed rate hike keeping markets on edge. It lands in the same pipeline as AI cloud provider Nscale, which filed for a NYSE listing last week.

The difference is in the profile. Oura is a hardware and subscription business that is already profitable over nine months, while many recent tech listings are still losing money. Where the final price lands against the $40 to $44 range, and how the stock trades on its first day, will show how much investors are willing to pay for consumer health growth right now. A pricing date has not been set in the filing.

Sources: Oura Inc. Form S-1/A (SEC EDGAR); Reuters via Yahoo Finance. This is market information, not investment advice.