Smart ring maker Oura revealed on Monday that it is looking to raise around $2.2 billion through its upcoming public offering on a $13.48 billion market cap.
The Finland-based company has aggressively pushed toward its IPO in recent months and said it expects, along with its shareholders, to sell 50 million shares during the sale.
According to the company, the tally will consist of 13.5 million of its own shares and 36.5 million shares offered up by some of its existing stockholders. Those selling shares will also grant underwriters a 30-day option to access an additional 7.5 million shares of common stock at the IPO opening price.
Oura said the offering price is expected to be between $40 and $44 per share and has applied for its ticker symbol to appear as OURA on the Nasdaq,
Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company and Jefferies are acting as joint lead book-running managers for the offering, with BofA Securities, Barclays and Wells Fargo Securities teaming as joint book-running managers.
Citizens Capital Markets, KeyBanc Capital Markets and Guggenheim Securities are also acting as book-running managers while Canaccord Genuity, Needham & Company, Raymond James, Rothschild & Co, Truist Securities and William Blair are acting as the additional book-running managers and Robinhood is acting as a co-manager.
In early September, Oura formally declared its IPO plans with the U.S. Securities and Exchange Commission after declaring a confidential intention to go public in May.
According to the filing, Oura saw $1.2 billion in revenue in the nine months ending on June 30, marking a major 74 percent boost over the same point last year when the company posted $697 million in sales and subscription-related revenue.
Net income in the period was $60.8 million compared to just $1.6 million at the same time in 2025.
Oura said it sold 3.6 million of its smart rings in the past year and now has around 5 million paid subscribers with an 85 percent retention rate of users who stick with the service for over a year.
A day before the filing, Oura named Jason Warnick, Leslie Kilgore, Miki Kuusi and David Sze to its board of directors in time for the IPO.
