Oura targets $15.62 billion valuation in US IPO, setting stage for fall listings

Sept 21 — Smart ring maker Oura is targeting a fully diluted valuation of $15.62 ​billion in its US initial public offering, as the fall listing window looks to kick back into action after ‌a subdued start marked by market volatility.

The deal will put investor appetite for high-growth ⁠consumer technology companies to the ​test, as uncertainty around the AI ⁠trade, rising bond yields and Federal Reserve rate hikes has ‌kept markets jittery ‌in recent weeks.

Oura and some of its existing investors plan ⁠to raise as much as $2.2 billion ⁠through the sale of 50 million shares at the top of the indicated price range of $40 to $44, a regulatory filing showed.

Weight-loss drugmaker Eli Lilly has indicated interest in purchasing up to $100 million of the shares, while investment firm Dragoneer has ‌indicated interest in buying up to $300 million ​worth of shares, the company said.

Oura has helped fuel the popularity of smart rings in the wearables market, boosted by growing demand for personalized health and fitness insights amid a broader focus on wellness, weight management and preventive health.

The smart ring tracks key health indicators such as heart rate, sleep stages ​and physical activity.

The company's revenue surged roughly 74% year-over-year to $1.21 billion for ‌the nine months ‌ended ⁠June 30.

In October last year, Oura was valued at about $11 billion when it raised over $900 million in a late-stage funding round led by Fidelity Management.

Goldman Sachs, Morgan Stanley, and J.P. Morgan are the ‌lead underwriters of the ​IPO.

After the deal closes, Oura will ‌list on the Nasdaq ⁠under the ​ticker symbol "OURA."

(Reporting by Manya Saini in Bengaluru; Editing by Shinjini Ganguli and ​Leroy Leo)

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