Oura, which sells sensor-equipped rings and a paid app that turns body data into health insights, has launched an initial public offering of 50 million shares at an expected $40 to $44 each. The top of that range values the base offering at $2.2 billion, but existing stockholders are selling 36.5 million shares, or 73% of the total. Oura is offering the other 13.5 million.
That distinction makes the headline amount a poor measure of new capital for the company. At the $42 midpoint, Oura estimates it would receive approximately $532.6 million after fees from its shares, while receiving nothing from the stockholders’ sales. It plans to use approximately $526.4 million of its proceeds for anticipated tax withholding and remittance obligations tied to restricted stock units that vest with the IPO.
The ring’s sensors continuously collect physiological signals related to sleep, activity, readiness, stress, heart health, metabolic health and women’s health. Oura’s app translates those signals into more than 50 metrics and personalized guidance. The company says customers receive a 30-day membership trial and that more than 94% of ring activations have historically converted to paid memberships.
Hardware remains the larger business. It generated 80% of revenue during the nine months ended June 30, while memberships contributed 20%. Oura listed its United States hardware prices at $349 to $499 and charges members $5.99 a month or $69.99 a year for additional app features and insights.
Oura reported 5 million paid members as of June 30, twice the year-earlier total, and expects to end fiscal 2026 with approximately 5.7 million. Revenue rose 74% to $1.21 billion during the first nine months of the fiscal year, while net income increased to $60.8 million from $1.6 million. The offering has not yet priced or closed, and Oura has applied to trade on Nasdaq under the symbol OURA.