Smart-ring maker Oura is offering 50 million shares at a price range of $40 to $44 per share, valuing the company at up to $14.1 billion. The Nasdaq IPO consists of 13.5 million new shares and 36.5 million sold by existing holders, with underwriters permitted to buy an additional 7.5 million secondary shares. At the $42 midpoint, Oura expects $533 million in net proceeds, including $526 million to cover tax withholding on restricted stock units vesting around the offering.

Eli Lilly and Dragoneer have indicated non-binding interest in buying up to $100 million and $300 million of shares, respectively, with Lilly also holding a $50 million SAFE scheduled to convert before the IPO. Oura reported $1.21 billion in revenue for the first nine months of fiscal 2026, up 74% year over year, with net income rising to $60.8 million from $1.6 million a year ago. Paid members increased 100% to 5 million, and membership revenue grew 121% to $241 million, contributing 20% of total revenue with an 89% gross margin.