Oura IPO Prices Today at $40–$44 Per Share, 4x Oversubscribed: Smart Ring Maker Debuts on Nasdaq at $15.6B Valuation

Oura goes public today. The Finnish smart ring maker's IPO is pricing on the Nasdaq under ticker OURA, offering 50 million shares at $40–$44 per share. The offering is 4x oversubscribed, with demand far exceeding supply — a strong signal of investor confidence in the wearable health category.

Key IPO Numbers

• Valuation: Up to $15.6 billion fully diluted — nearly triple the $5.2 billion from Oura's last private round
• Revenue: $1.4 billion for the 12 months ended June 30, 2026
• Subscribers: 5.0 million paid members, up 100% year over year
• Cornerstone investors: Eli Lilly indicated $100M interest; Dragoneer Investment Group also committed. Together they account for 19% of the deal
• Gross margin: 55%, with $60.8 million net income for the nine months ended June 30

Why Eli Lilly Is Investing

Eli Lilly's cornerstone investment is notable — the pharma giant partners with Oura on biometric tracking for GLP-1 weight-loss drug monitoring. The Oura Ring 5 already offers GLP-1 insights, and Lilly's investment signals deeper clinical integration ahead.

What This Means for Smart Ring Buyers

A public Oura means more capital for R&D and stronger incentive to grow subscribers. Short-term, expect continued Ring 5 promotions. Longer-term, public-market pressure could push the $5.99/month subscription higher — but 85% 12-month retention suggests users see the value. Compare all options in our smart ring guide.