Oura’s $15.6 billion Nasdaq IPO is four times oversubscribed, pricing tomorrow

Oura, the Finnish maker of the health-tracking smart ring, is set to price its initial public offering on September 29 and debut on the Nasdaq under the ticker OURA on September 30, with order books roughly four times oversubscribed heading into the final day of bookbuilding. The deal values Oura at up to $15.6 billion fully diluted — down slightly from an earlier $16 billion target — and is expected to raise approximately $2.1 billion through the sale of 50 million shares priced between $40 and $44.

Of the 50 million shares on offer, 13.5 million are new shares sold by Oura; the remaining 36.5 million come from existing shareholders including early backers and the company’s founders. The strong oversubscription signals robust institutional demand heading into what will be one of the largest tech IPOs of the year.

Health data as recurring revenue

Oura is pitching investors on a membership model rather than a hardware story. The company ended the period through June 2026 with approximately 5.7 million paid members, a figure it says represents 96 percent year-over-year growth. Revenue for the nine months to June 2026 reached $1.2 billion, up from $697 million in the equivalent prior-year period. The company expects to close fiscal 2026 close to $2 billion in full-year revenue.

The Oura Ring Gen 4 tracks heart rate, blood oxygen, skin temperature, cycle data, and sleep stages, feeding that data into a personalised scoring engine accessible through the companion app. Monthly membership costs $5.99. The recurring membership layer is central to the IPO thesis: hardware margins are modest, but subscription revenue is stickier, more predictable, and commands a higher valuation multiple.

Crowded wearables market

Oura enters the public markets as competition in health wearables has intensified. Apple Watch Series 10 added blood glucose monitoring in early 2026, Samsung’s Galaxy Ring expanded internationally, and Google’s Pixel Watch has added Fitbit’s biosensing capabilities to the mid-range. Oura’s wedge is form factor: the ring is screenless and nearly invisible, which has driven adoption among users who want continuous health monitoring without a visible device.

The company filed its S-1 with the SEC in early September after months of confidential filings. Banks are expected to stop taking final orders during the afternoon of September 28, with final pricing announced before US markets open on September 29, as reported by Fortune and Renaissance Capital.