Oura launches 2.2B Nasdaq IPO, selling shareholders receive most proceeds.

Oura Launches Nasdaq IPO With Selling Shareholders

Oura, the Finnish smart ring maker, launched its initial public offering on Monday, marketing 50 million shares at $40 to $44 each on the Nasdaq Global Select Market.

At the top of the range, the deal would raise $2.2 billion and value Oura at roughly $14.1 billion, reports Bloomberg. The Finnish company applied to list its common stock on the Nasdaq Global Select Market under the ticker symbol OURA.

Of the 50 million shares in the base deal, Oura is selling 13.5 million to public investors while existing stockholders are offering 36.5 million of their shares.

Underwriters hold a 30-day over-allotment option for another 7.5 million shares, all owned by existing selling stockholders, according to the filing. Oura states it will not receive any proceeds from the common shares sold by those selling stockholders in the offering.

Eli Lilly has indicated interest in buying up to $100 million worth of the stock, while Dragoneer may buy up to $300 million worth of shares.

Proceeds Flow Mostly To Selling Stockholders

At the $42 midpoint, selling stockholders would receive about $1.53 billion, while Oura would collect roughly $567 million before fees. At the top of the range, selling shareholders collect about $1.61 billion, or 73% of the base deal, according to filings.

Forerunner Ventures, Oura's second-largest shareholder, plans to sell its entire 9.3% stake of about 28.7 million shares for $1.20 billion, assuming a $42 listing price before fees.

Oura expects net proceeds of $532.6 million and plans to use $526.4 million for accumulated tax obligations from employee share grants. That leaves only roughly $6.2 million for general corporate purposes, according to the company's updated filing with United States regulators.

Oura ended June with about $371.8 million in cash and a stockholders' deficit of $1.62 billion after large buybacks during the first nine months of fiscal 2026.

Oura repurchased $1.17 billion of its own stock in the nine months ended June 30, including a February tender offer. That buyback contributed to a $924.3 million loss attributable to common stockholders, despite $60.8 million of operating net income reported.

Financial Growth Meets Market Skepticism And Competition

Oura reported $1.21 billion in revenue for the nine months ended June 30, up 74% from a year earlier, with membership revenue more than doubling to $240.5 million.

Membership gross margin is 89%, and membership revenue accounted for about 20% of total sales while hardware made up most revenue. Hardware revenue reached roughly $974 million, and Oura sold 3.6 million rings in the twelve months that ended June 30.

Oura expects to finish fiscal 2026 with about 5.7 million paid members, up from 5.0 million in June, representing 96% growth from a year earlier, Oura said.

Oura faces competition from Whoop, a rival screen-free wearable maker that raised $575 million in April at a $10.1 billion valuation. Apple Watch remains a larger competitor across health tracking, with tens of millions of users and steadily expanding health features.

Samuel Kerr, global head of equity capital markets at Mergermarket, said Oura is the first real test of United States appetite after a sluggish September so far.