ŌURA, a health intelligence platform known for the Oura Ring, has announced the launch of its initial public offering. The company plans to offer 50,000,000 shares of common stock with an expected price range of $40.00 to $44.00 per share. If completed, the offering would list on the Nasdaq Global Select Market under the ticker symbol OURA.
Offering Size and Pricing
The proposed IPO consists of 13,500,000 shares offered by Oura and 36,500,000 shares offered by certain existing stockholders. At the stated price range, the base offering would be valued at approximately $2.0 billion to $2.2 billion, although Oura will not receive proceeds from shares sold by existing stockholders. Selling stockholders also intend to grant underwriters a 30-day option to purchase up to 7,500,000 additional shares at the initial public offering price less underwriting discounts and commissions.
Regulatory Process and Prospectus
The offering will be made only by means of a prospectus, and interested parties may obtain copies from the joint lead book-running managers. A registration statement on Form S-1 has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. This means the securities may not be sold nor may offers to buy be accepted until the registration statement is declared effective.
Paid Member Growth
An updated S-1 filed on September 21, 2026, indicates that Oura now expects to end fiscal 2026 with approximately 5.7 million paid members. That projection represents 96 percent year-over-year growth and reflects strong underlying momentum in recent months. The company attributes the acceleration primarily to strong sales of the Oura Ring 5, according to the filing.
Underwriters and Listing
Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company, and Jefferies are acting as joint lead book-running managers for the proposed offering. BofA Securities, Barclays, and Wells Fargo Securities are joint book-running managers, and Robinhood is acting as a co-manager. Additional book-running managers include Citizens Capital Markets, KeyBanc Capital Markets, Guggenheim Securities, Canaccord Genuity, Needham & Company, Raymond James, Rothschild & Co, Truist Securities, and William Blair.
Company Profile
Oura's platform is anchored by Oura Ring, a lightweight smart ring tracking more than 50 health metrics continuously across sleep, activity, stress, readiness, women's health, metabolic health, and heart health. The company says the finger-based device is purpose-built for photoplethysmography measurement and produces a stronger signal than wrist-based wearables. Founded in Finland in 2013, Oura is headquartered in San Francisco with E.U. headquarters in Oulu, Finland, and has more than 1,200 partners.
Additional Considerations
Oura will not receive any proceeds from the sale of common stock by the selling stockholders, meaning the capital raised for the company depends on the 13,500,000 shares it is offering directly. The company also notes that Oura Ring is not a medical device and is not intended to diagnose, treat, cure, monitor, or prevent medical conditions or illnesses. This distinction is important for investors evaluating Oura's consumer health technology positioning.
The initial public offering marks a significant milestone for Oura as it seeks to expand its position in preventative health and consumer wearables. Because the registration statement has not yet become effective, potential investors should monitor regulatory developments and review the preliminary prospectus when available. This announcement does not constitute an offer to sell or a solicitation of an offer to buy any securities.