Oura and backers seek $2.2 billion in US IPO at $40-$44 per share

September 21, 2026 at 04:09 PM2 min

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Smart ring maker Oura Inc. and some of its backers are seeking to raise as much as $2.2 billion in an initial public offering. The company plans to market 50 million shares at $40 to $44 each, according to a filing Monday with the US Securities and Exchange Commission. At the top of the range, Oura would have a market value of $14.1 billion.

Key Facts

Oura plans to sell 13.5 million shares, while its shareholders will offer 36.5 million shares in the IPO.
The company reported a net loss attributable to stockholders of $924.3 million on revenue of $1.21 billion for the nine months ended June 30, 2026.
Oura had more than five million paid members for its subscription service as of June 30, 2026.
The company sold about 3.6 million smart rings in the past year, according to its SEC filing.
Oura plans to list on Nasdaq under the ticker OURA.

IPO Terms

Oura and some of its backers are seeking to raise as much as $2.2 billion in the initial public offering. The company will market 50 million shares at $40 to $44 each, according to its filing with the US Securities and Exchange Commission. Oura will sell 13.5 million shares, while its shareholders will offer 36.5 million shares. At the top of the price range, the company would have a market value of $14.1 billion based on the outstanding shares listed in its filing. That compares with a valuation of about $11 billion in 2025 after the Finnish company raised $875 million in its Series E financing round.

Business Performance

Oura sold about 3.6 million smart rings in the past year, according to the filing. The company had a net loss attributable to stockholders of $924.3 million on revenue of $1.21 billion for the nine months ended June 30, 2026. That compares with a net loss of $182.8 million on revenue of $697.6 million in the corresponding period a year earlier. The losses include the effect of a deemed dividend to certain holders of redeemable convertible preferred stock, the filing shows. Oura Membership, the company's subscription service, had more than five million paid members as of June 30, 2026.

Company Background

Oura was founded in 2013 and has offices in Oulu, Finland, Helsinki, San Francisco, San Diego and Los Angeles. The company's Oura Ring 5 retails for $399 each, or $499 for premium finishes. In the US, Oura Membership plans are priced at $5.99 per month or $69.99 per year. In September 2025, CEO Tom Hale said the company had sold 5.5 million rings in total. Oura plans to list on Nasdaq under the ticker OURA, according to vc.ru.