Smart ring maker Oura kicks off US IPO roadshow, targeting $15.62 billion valuation
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Oura, the smart ring maker, is targeting a fully diluted valuation of $15.62 billion in its US initial public offering, kicking off its roadshow on Monday. The deal tests investor appetite for consumer technology companies after a slow start to the fall IPO season, amid uncertainty around the AI trade, rising bond yields, and Federal Reserve rate hikes. Oura and some existing investors plan to raise up to $2.2 billion by selling 50 million shares at the top of the indicated price range of $40 to $44. Samuel Kerr, global head of equity capital markets at Mergermarket, said Oura is the first real test of US appetite after a sluggish September and volatile markets, and a strong debut would encourage other issuers, while a weaker IPO might signal turning market sentiment. Weight-loss drugmaker Eli Lilly has indicated interest in purchasing up to $100 million of the shares, and investment firm Dragoneer has indicated interest in buying up to $300 million worth. Oura's revenue surged roughly 74% year-over-year to $1.21 billion in the nine months ended June 30. The company reached a valuation of about $11 billion in a late-stage funding round last year. Goldman Sachs, Morgan Stanley, and J.P. Morgan are the lead underwriters. Oura will list on the Nasdaq under the ticker symbol 'OURA'.
Source report
By Manya Saini Mon, September 21, 2026 at 6:31 AM PDT | 2 min read
Sept 21 (Reuters) – Oura is targeting a fully diluted valuation of $15.62 billion in its U.S. initial public offering, as the smart ring maker kicked off its roadshow on Monday, testing investor appetite for consumer technology companies after a slow start to the fall IPO season.
The deal comes as uncertainty around the AI trade, rising bond yields, and Federal Reserve rate hikes have kept markets jittery in recent weeks.
Oura and some of its existing investors plan to raise as much as $2.2 billion through the sale of 50 million shares at the top of the indicated price range of $40 to $44.
“Oura is the first real test of U.S. appetite after a sluggish September so far and a period of more volatile markets. If it comes strongly out the gate it will encourage other issuers,” said Samuel Kerr, global head of equity capital markets at Mergermarket. “However, a weaker IPO might set alarm bells ringing that market sentiment may be turning.”
Weight-loss drugmaker Eli Lilly has indicated interest in purchasing up to $100 million of the shares, while investment firm Dragoneer has indicated interest in buying up to $300 million worth of shares.
Oura has helped popularize smart rings that track metrics such as heart health, activity, and sleep, as consumers seek more personalized fitness insights amid a broader focus on weight management and wellness.
The health-tech company said its revenue surged roughly 74% year-over-year to $1.21 billion in the nine months ended June 30.
Oura reached a valuation of about $11 billion in a late-stage funding round last year.
Goldman Sachs, Morgan Stanley, and J.P. Morgan are the lead underwriters of the IPO.
After the IPO, Oura will list on the Nasdaq under the ticker symbol “OURA.”
(Reporting by Manya Saini in Bengaluru; Editing by Shinjini Ganguli and Leroy Leo)
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Oura targets $15.62 billion valuation in US IPO, roadshow launches Monday