Oura Seeks $2.2B in US IPO at Up to $14.1B Valuation

The company plans to offer 50 million shares at $40 to $44 each, with Oura selling 13.5 million shares and existing shareholders offering 36.5 million shares.

Smart ring maker Oura Inc. and some of its existing shareholders are seeking to raise up to $2.2 billion through a US initial public offering (IPO), according to a filing with the US Securities and Exchange Commission (SEC).

The company plans to offer 50 million shares at $40 to $44 each, with Oura selling 13.5 million shares and existing shareholders offering 36.5 million shares. At the top of the proposed range, the IPO could value Oura at approximately $14.1 billion.

The potential valuation is higher than Oura's approximately $11 billion valuation in 2025, when the company raised $875 million in a Series E funding round.

Founded in 2013, Oura develops smart rings that track health and fitness metrics including sleep, activity and heart health. The company sold approximately 3.6 million smart rings in the past year, according to its filing.

Oura's products connect with a mobile application that allows users to monitor health data and access Oura Advisor, its artificial intelligence-powered assistant. The company also operates a subscription-based Oura Membership service, which provides access to more than 50 health metrics and personalized insights covering areas including nutrition, fertility planning, therapy and medication monitoring.

The membership service had more than five million paid members as of June 30, 2026. In the US, subscriptions are priced at $5.99 per month or $69.99 annually.

Despite revenue growth, Oura reported a net loss attributable to stockholders of $924.3 million on revenue of $1.21 billion for the nine months ended June 30, 2026. During the same period a year earlier, the company reported a net loss of $182.8 million on revenue of $697.6 million.

Oura's major investors holding stakes of 5% or more include Fidelity Management and Research, Forerunner Ventures, Bedford Ridge Capital and Lifeline Ventures, according to the filing.

Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co. and Jefferies Financial Group are leading the offering. Oura expects its shares to trade on the Nasdaq Global Select Market under the ticker OURA.

Stay tuned for more such updates on Digital Health News