Health intelligence platform ŌURA has launched its initial public offering on the Nasdaq Global Select Market under the ticker symbol "OURA," aiming for a fully diluted value of approximately $15.62 billion. The offering price is expected to be between $40.00 and $44.00 per share.

The offering consists of 13,500,000 shares offered by ŌURA and 36,500,000 shares offered by certain existing stockholders. Underwriters have a 30-day option to purchase up to an additional 7,500,000 shares. If priced at the top of the range, the company and current holders could raise up to $2.2 billion. ŌURA will not receive proceeds from the sale of shares by the selling stockholders.

Investor Interest

Eli Lilly and Company has indicated an interest in purchasing up to $100 million of its shares in the offering. Funds affiliated with Dragoneer Investment Group LLC have reportedly indicated an interest in buying up to $300 million worth of shares. Both investors would purchase the shares at the IPO price and on the same terms as other investors.

Offering Structure

Goldman Sachs & Co. LLC, Morgan Stanley, J.P. Morgan, Allen & Company LLC, and Jefferies act as joint lead book-running managers. BofA Securities, Barclays, and Wells Fargo Securities are joint book-running managers. Citizens Capital Markets, KeyBanc Capital Markets, and Guggenheim Securities serve as book-running managers. Canaccord Genuity, Needham & Company, Raymond James, Rothschild & Co, Truist Securities, and William Blair are additional book-running managers. Robinhood acts as a co-manager.

Growth Metrics

ŌURA updated its S-1 filing on September 21, 2026, to reflect expectations of ending fiscal 2026 with approximately 5.7 million Paid Members. This represents 96 percent year-over-year growth. The company attributes this momentum primarily to strong sales of the Oura Ring 5.

In the 12 months ended June 30, the company sold 3.6 million rings. Revenue climbed about 74% during the nine-month period ending June 30 to $1.21 billion compared to the prior year period.

Background and Legal Context

Entrepreneurs Petteri Lahtela, Kari Kivela, and Markku Koskela founded the San Francisco- and Finland-based company in 2013. In September 2025, the company’s valuation hit $11 billion, after a funding round raised $875 million in Series E.

Currently, the company faces a class-action lawsuit as consumers allege that it misled them about the accuracy of its device’s sleep-stage and sleep-quality measurements. Oura denied wrongdoing and defended its research and accuracy claims.

A registration statement on Form S-1 has been filed with the SEC but has not yet become effective. The securities may not be sold prior to effectiveness.

Oura, the maker of the Oura Ring, has entered long-term partnerships with England footballers Harry Kane and Declan Rice to serve as global brand ambassadors. The collaboration focuses on promoting Oura Ring 5, which the players will utilize for health sensing to support performance, resilience, and recovery during the upcoming football season. The partnership begins as Kane continues as captain and Rice assumes the role of vice-captain on the international stage.

Kane and Rice selected Oura Ring 5 for its ability to provide a complete view of how their bodies cope with physical load. The device offers personalized insights to help athletes track recovery and readiness. Oura Ring 5, launched in May 2026, is 40 percent smaller than its predecessor and is designed to measure health signals from the finger for accuracy.

As global ambassadors, Kane and Rice will headline a major integrated marketing campaign launching this week. The campaign includes digital out-of-home placements at high-footfall locations such as Piccadilly Circus, BOXPARK Wembley, and Canary Wharf. Additionally, the athletes will appear in primetime TV placements around major football moments this summer.

Doug Sweeny, chief marketing officer at Oura, stated that the partnership highlights the importance of sleep and recovery in achieving peak performance. He noted that the competitive edge comes from listening to the body, a principle Oura aims to support through its technology.

This partnership expands Oura's presence in sports. The company was recently named the Official Wearable of Team USA and the LA28 Olympic and Paralympic Games. It also holds partnerships with Team Finland, U.S. Soccer, and the United States Tennis Association (USTA).

Key Details of the Partnership