Oura IPO news
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The gist
Oura launched a Nasdaq IPO of 50 million shares at $40 to $44.
The smart ring maker's listing tests investor appetite for high-growth consumer tech.
Background
Oura sells a finger-worn sensor ring that tracks sleep, activity, stress, heart health and women's health, paired with an app that turns readings into more than 50 metrics and AI-generated guidance. Hardware accounted for 80% of revenue in the first nine months of fiscal 2026, with the rest from recurring membership subscriptions. It was founded in 2013 in Finland and was valued at about $11 billion in a late-stage funding round led by Fidelity Management in October last year. The deal will put investor appetite for high-growth consumer technology companies to the test, as uncertainty around the AI trade, rising bond yields and Federal Reserve rate hikes has kept markets jittery in recent weeks.
How it unfolded
- 2013Oura was founded in Finland by Petteri Lahtela, Kari Kivelä and Markku Koskela.
- 2015The company's primary product, the Oura Ring, launched.
- Mar 2026A March 2026 report by The Information revealed the startup was interviewing bankers for an IPO that could come as early as the end of 2026; Oura had been on Renaissance Capital's Private Company Watchlist since March 2026.
- May 21, 2026Oura filed confidentially for an IPO.
- Sep 16, 2026Access IPOs listed the Oura Ring IPO as upcoming (Q4 2026).
- Sep 21, 2026Oura announced terms for its IPO, planning to raise $2.1 billion by offering 50 million shares (73% secondary) at $40 to $44; at the midpoint it would command a fully diluted market value of $14.9 billion. In an updated S-1 filing the company said it now expects to finish fiscal 2026 with approximately 5.7 million Paid Members, representing 96% year-over-year growth.
- Sep 28, 2026The IPO is expected to price during the week of Monday September 28, 2026.
Who’s saying what
- Support
- Cornerstone investors Eli Lilly and Dragoneer Investment Group have indicated interest on $400 million of the IPO, 19% of the deal, with Eli Lilly indicating up to $100 million and Dragoneer up to $300 million worth of shares.
- Caution
- The deal will put investor appetite for high-growth consumer technology companies to the test, as uncertainty around the AI trade, rising bond yields and Federal Reserve rate hikes has kept markets jittery in recent weeks.