Oura is taking its smart-ring business public, seeking to raise up to $2.2 billion by offering 50 million shares at $40 to $44 apiece after reporting 74% year-over-year revenue growth.
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Key Takeaways
- Oura plans to raise up to $2.2 billion from the IPO by selling 50 million shares at a price range of $40 to $44, with the company marketing 13.5 million and its shareholders offering 36.5 million.
- Oura’s targeted fully diluted valuation sits at $15.62 billion at the top of its proposed IPO range, Reuters calculated.
- The company’s revenue grew by 74% year-over-year, from $697.6 million to $1.21 billion for the nine months ended June 30, while net income rose to $60.8 million from $1.6 million.
- Oura was valued at about $11 billion after its Series E funding round led by Fidelity Management & Research Company in October 2025, where it raised over $900 million.
- The company confidentially filed paperwork with the Securities and Exchange Commission for an IPO in May.
Key background
Oura was founded in 2013, selling smart rings and a subscription service that gives users health and wellness insights based on the data the ring collects. The Oura Ring 5 sells for $399 each or $499 for premium finishes, and the Oura Membership, which helps users track over 50 health metrics and get personalized health insights, is priced at $5.99 per month or $69.99 a year. The company sold around 3.6 million smart rings in the past year, and membership revenue grew from $108.8 million to $240.5 million for the nine months ended June 30, 2025 and 2026, marking 121% year-over-year growth.
Big number
5 million. That’s how many paying members Oura had as of June 30, spanning 56 markets worldwide.
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