Oura Seeks $15.62 Billion Valuation in US IPO, Testing Fall Listing Market

Oura is targeting a fully diluted valuation of $15.62 billion in its US initial public offering, launching its roadshow on September 21, 2026, as the smart ring maker tests investor appetite for consumer technology listings amid a sluggish fall IPO season. The company and existing investors plan to raise up to $2.2 billion through the sale of 50 million shares at $40 to $44 each. Eli Lilly has indicated interest in purchasing up to $100 million of shares, while Dragoneer may buy up to $300 million. Oura reported revenue surged approximately 74% year-over-year to $1.21 billion for the nine months ended June 30. The company reached an $11 billion valuation in a late-stage funding round last year. Goldman Sachs, Morgan Stanley and J.P. Morgan are lead underwriters. Oura will list on the Nasdaq under the ticker "OURA."