Smart ring manufacturer Oura (OURA.US)'s IPO is priced at $40-44 per share and plans to raise US$2.1 billion

The Zhitong Finance App learned that smart ring manufacturer Oura (OURA.US) announced the terms of its $2.1 billion IPO on Monday. The company sells smart rings and personalized health insight subscription services. The San Francisco, California-based company plans to issue 50 million shares, of which 73% are old shares, with an issue price range of $40 to $44 per share. Cornerstone investors Eli Lilly and Dragoneer Investment Group have indicated that they intend to subscribe for US$400 million, accounting for 19% of this offering. Based on the median issue price range, Oura has a completely diluted market value of about US$14.9 billion.

Oura's products include a finger-worn sensor ring that tracks sleep, activity, stress, heart health, and women's health, and comes with an app that converts sensor readings into more than 50 indicators and AI-generated health recommendations. In the first nine months of fiscal year 2026, hardware accounted for 80% of revenue, and the remaining 20% came from recurring membership subscriptions. Users can unlock a full set of health insights after subscribing.

Oura sells products through direct sales and around 8,400 retail outlets, and reaches more members through employers, government agencies, and healthcare partners. As of June 30, 2026, the company had 5 million paid members in 56 markets around the world, a year-on-year increase of 100%, and the 12-month paid membership retention rate was about 85%.

Oura was founded in 2013, with revenue of US$1.4 billion for the 12 months ended June 30, 2026. The company plans to list on NASDAQ under the code “OURA.” Goldman Sachs, Morgan Stanley, J.P. Morgan Chase, Allen & Company, Jefferies, Bank of America Securities, Barclays, Wells Fargo Securities, Citizens JMP, KeyBanc Capital Markets, Guggenheim Securities, Canaccord Genuity, Needham & Co. Raymond James, Rothschild, Truist Securities, and William Blair acted as co-bookrunners for this release. The estimated pricing period is for the week of September 28, 2026.

In addition to the shares distributed by co-manager Robinhood, some of the issued shares will also be sold to retail investors through Coinbase, with Coinbase as a member of the sales team.