Smart ring maker Oura eyes $15.6 billion IPO valuation in fall listings demand test

Key Points:

• Oura launched its US IPO roadshow aiming for a fully-diluted valuation of $15.62 billion, seeking to raise up to $2.2 billion by selling 50 million shares priced between $40 and $44.
• The IPO is seen as a key indicator of investor appetite for consumer tech amid a sluggish September and volatile market conditions influenced by AI uncertainty, rising bond yields, and Federal Reserve rate outlook.
• Oura, known for its smart rings that track health metrics like heart rate, activity, and sleep, reported $1.21 billion in revenue for the nine months ended June 30, a 74% increase year-over-year, with 3.6 million rings sold in the past year.
• The company projects 5.7 million paid members by fiscal 2026, a 96% growth, and its valuation reflects expectations of strong growth and increased recurring revenue from its health-focused wearable technology.
• Founded in Finland over a decade ago, Oura previously reached an $11 billion valuation in a late-stage funding round, with Goldman Sachs, Morgan Stanley, and J.P. Morgan leading the IPO underwriters; trading is expected to begin next week on Nasdaq under the ticker "OURA."