Oura Targets $15.62 Billion Valuation in US IPO

Smart ring maker Oura is targeting a fully diluted valuation of $15.62 billion in its US initial public offering (IPO), signalling renewed momentum in the autumn listing market. The company and existing investors plan to raise up to $2.2 billion through the sale of 50 million shares priced between $40 and $44 each.

Eli Lilly has indicated interest in purchasing up to $100 million worth of shares, while investment firm Dragoneer has expressed interest in acquiring up to $300 million. Oura’s smart rings track health indicators such as heart rate, sleep stages and physical activity, capitalising on rising demand for personalised health and fitness insights.

Oura reported a 74% year-on-year revenue surge to $1.21 billion for the nine months ended June 30. The company was valued at approximately $11 billion in October 2025 following a funding round led by Fidelity Management. Goldman Sachs, Morgan Stanley and JPMorgan are leading the IPO, after which Oura will list on the Nasdaq under the ticker symbol OURA.

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