Smart ring maker Oura (OURA.US) IPO said to be about 4 times oversubscribed.

Market sources say that smart ring maker Oura's U.S. initial public offering (IPO) has been about 4 times oversubscribed. The company plans to list on the Nasdaq Global Select Market under the ticker symbol "OURA." The San Francisco, California-based company plans to offer 50 million shares, 73% of which are existing 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, accounting for 19% of the offering size. Based on the midpoint of the price range, Oura's fully diluted market value is approximately $14.9 billion. Oura filed its S-1 registration statement with the U.S. Securities and Exchange Commission on September 3, formally launching the listing process. Media reports earlier said the company was considering raising as much as $3 billion through the IPO and seeking a valuation of more than $16 billion. These figures were pre-offering targets, not final offering results. The prospectus shows that for the nine months ended June 30, 2026, Oura's revenue was approximately $1.2 billion, up about 72% from $697 million in the same period a year earlier. The company previously disclosed revenue of about $500 million in 2024 and about $1 billion in 2025, and expects full-year 2026 revenue to approach $2 billion. Revenue growth is an important backdrop for the market attention surrounding this listing. Oura mainly sells smart rings and also provides users with health data analysis on sleep, heart rate, and stress through a paid subscription service. The company says it sold about 3.6 million rings over the past year and has about 5 million paying members; the weighted average 12-month retention rate for paying members is about 85%. Its rings are mainly priced between $350 and $400, while the subscription service gives the company recurring revenue beyond hardware sales. The company also plans to use the health data it has accumulated to develop artificial intelligence analysis features and expand its health management services. At the same time, Oura faces competition from other wearable device brands and a proposed class-action lawsuit involving the accuracy of sleep tracking. The company denies the allegations and says it will defend itself.