Smart ring manufacturer Oura (OURA.US) IPO reportedly oversubscribed by about 4 times

According to Golden Ten Data, market sources indicate that the smart ring manufacturer Oura's US IPO has been oversubscribed by about four times. The company plans to list on the Nasdaq Global Select Market under the ticker “OURA.” Headquartered in San Francisco, California, the company intends to issue 50 million shares, of which 73% are existing shares, with the offering price ranging from $40 to $44 per share. Cornerstone investors Eli Lilly and Dragoneer Investment Group have expressed their intention to subscribe for $400 million worth of shares, accounting for 19% of the offering. Based on the midpoint of the price range, Oura's fully diluted market capitalization is approximately $14.9 billion.

On September 3, Oura submitted its S-1 registration document to the US Securities and Exchange Commission, officially initiating the listing process. Previous media reports stated that the company was considering raising up to $3 billion through the IPO and sought a valuation exceeding $16 billion. These figures were pre-issuance targets and do not represent the final results.

According to the prospectus, for the nine months ended June 30, 2026, Oura's revenue was approximately $1.2 billion, an increase of about 72% compared to $697 million in the same period last year. The company previously disclosed revenues of about $500 million in 2024 and about $1 billion in 2025, and it expects full-year revenue for 2026 to approach $2 billion. This revenue growth is an important factor behind the market's attention to this IPO.

Oura mainly sells smart rings and provides users with health data analysis such as sleep, heart rate, and stress through paid subscription services. The company reported selling about 3.6 million rings in the past year, with around 5 million paying members; the weighted average 12-month retention rate for paying members is about 85%. The rings are mainly priced between $350 and $400, while the subscription services provide the company with recurring revenue beyond hardware sales.

The company also plans to use the accumulated health data to develop artificial intelligence analysis functions and expand its health management services. At the same time, Oura faces competition from other wearable device brands and a proposed class-action lawsuit involving the accuracy of sleep tracking. The company denies the allegations and has stated it will defend itself.