Smart ring maker Oura (OURA.US) sets IPO price at $40-$44 per share, aiming to raise $2.1 billion.

Smart ring maker Oura (OURA.US) announced terms for its $2.1 billion IPO on Monday. The company sells smart rings and a subscription service for personalized health insights. The San Francisco, California-based company plans to offer 50 million shares, 73% of which are secondary shares, at a price range of $40 to $44 per share. Cornerstone investors Eli Lilly and Dragoneer Investment Group have indicated they intend to subscribe for $400 million, representing 19% of the offering size. At the midpoint of the price range, Oura's fully diluted market value is approximately $14.9 billion. Oura's products include a finger-worn sensor ring that tracks sleep, activity, stress, heart health, and women's health, paired with an app that translates sensor readings into more than 50 metrics and AI-generated health recommendations. In the first nine months of fiscal 2026, hardware accounted for 80% of revenue, with the remaining 20% from recurring membership subscriptions, which unlock the full suite of health insights. Oura sells its products through direct sales and approximately 8,400 retail locations, and reaches more members through employers, government agencies, and healthcare partners. As of June 30, 2026, the company had 5 million paid members across 56 global markets, up 100% year-over-year, with a 12-month paid member retention rate of approximately 85%. Oura was founded in 2013 and had revenue of $1.4 billion for the 12 months ended June 30, 2026. The company plans to list on the Nasdaq under the ticker "OURA." Goldman Sachs Group, Inc., Morgan Stanley, JPMorgan, Allen & Company, Jefferies, BofA Securities, Barclays, Wells Fargo Securities, Citizens JMP, KeyBanc Capital Markets, Guggenheim Securities, Canaccord Genuity, Needham & Co., Raymond James, Rothschild, Truist Securities, and William Blair are acting as joint book-running managers for the offering. Pricing is expected in the week of September 28, 2026. In addition to shares allocated by co-manager Robinhood, some offering shares will also be sold to retail investors through Coinbase, which is acting as a member of the selling group.