Oura

Wearables · Health Tech · Consumer Hardware

IPO

Oura files for US IPO seeking up to $2.2B at $14.1B valuation

Existing investors are selling most of the offering, leaving the company itself with less than a third of the proceeds.

• Oura filed to raise up to $2.2 billion in a US IPO, marketing 50 million shares at $40 to $44 each for a valuation of about $14.1 billion at the top of the range.
• The Finnish smart-ring maker sells finger-worn sensors tracking sleep, heart rate, activity and stress, paired with a subscription app now used by 5 million paid members in 56 markets.
• Only 13.5 million of the 50 million shares offered are new from Oura itself; the other 36.5 million are being sold by existing shareholders cashing out ahead of the listing.
• At the top of the range Oura keeps roughly $594 million before fees, while selling shareholders collect about $1.61 billion, or 73% of the base deal.
• Revenue grew 74% year-over-year to $1.21 billion in the nine months ended June 30, 2026, with net income of $61 million versus just $1 million a year earlier.
• The ask has already shrunk: a month earlier Oura was reportedly targeting up to $3 billion at a valuation above $16 billion.
• Oura was last valued at about $11 billion in October 2025 after raising over $900 million in a late-stage round led by Fidelity Management.
• The listing tests whether investors will price wearables as consumer gadgets or as health-care platforms, a framing that could shape valuations across the sector.