Oura Files for $2.2 Billion Nasdaq IPO

Oura, the health tracking smart ring manufacturer, filed for an initial public offering on Monday to raise up to $2.2 billion. The company plans to sell 50 million shares priced between $40 and $44 per share on the Nasdaq under the ticker symbol OURA. Depending on the final pricing, the offering targets a fully diluted valuation of $15.62 billion, though some estimates place the potential market capitalization at $14.1 billion.

The majority of the proceeds are designated for existing shareholders. Forerunner Ventures, the second-largest shareholder, intends to sell its entire 9.3% stake for approximately $1.2 billion at the midpoint price. Oura plans to use its own net proceeds, roughly $526.4 million, to settle tax obligations related to employee share grants.

The offering has drawn interest from investment firm Dragoneer, which indicated interest in up to $300 million in shares, and weight-loss drugmaker Eli Lilly and Company, which indicated interest in up to $100 million. Goldman Sachs, Morgan Stanley, and J.P. Morgan are serving as lead underwriters.

Financial growth has driven the filing, with Oura reporting a 74% year-over-year revenue increase to $1.21 billion for the nine months ending June 30. This growth was supported by the sale of 4.1 million rings and a subscription service that reached 5 million paid members as of June 2026.