Smart-ring maker Oura has launched the roadshow for its U.S. initial public offering, according to a Reuters report, seeking to raise as much as $2.2 billion from U.S. investors. The company plans to sell 50 million shares priced between $40 and $44 each, with pricing expected next week. The roadshow is the final marketing phase before a company sets a final price for its shares.

The proposed range values Oura at roughly $12.8 billion to $14.1 billion. At the top of the range, the company would reach a fully diluted valuation of approximately $15.62 billion, a measure that counts shares underlying options and other instruments alongside those already outstanding. The offering comprises 50 million shares, worth $2 billion to $2.2 billion at the proposed price range. Oura has applied to list on the Nasdaq under the ticker symbol OURA.

Wall St Engine highlighted the deal terms on X:

$OURA TARGETS UP TO $14.1B VALUATION; ELI LILLY, DRAGONEER MAY BUY UP TO $400M Oura is looking to price its IPO at $40-$44 per share, valuing the smart-ring maker at roughly $12.8B-$14.1B. The offering includes 50M shares, worth $2B-$2.2B at the proposed range, but most of the… pic.twitter.com/lQ4Ighny6I

— Wall St Engine (@wallstengine) 21, 2026

Revenue Up About 74% as Ring Sales Accelerate

Oura generated approximately $1.21 billion in revenue during the nine months ended June 30, up about 74% from the roughly $697 million recorded in the comparable period a year earlier, according to its IPO prospectus. Both device sales and membership grew during the period.

The company said it sold 4.1 million rings during the nine months ended June 30, compared with 1.8 million in the same period a year earlier. Over the 12 months ended June 30, Oura sold 3.6 million rings, according to the prospectus.

Growth has come alongside continued losses. Oura reported a net loss of $924 million over the nine-month period. That pairing of rapid top-line growth with heavy losses is the financial profile prospective investors will weigh as the roadshow moves toward a final price.

The company's flagship product, the Oura Ring 5, currently sells for between $399 and $499. The device tracks metrics including sleep, activity, readiness, stress, heart health and women's health. Unlike many smartwatches, the Oura Ring has no screen, which allows it to run for roughly a week between charges while offering continuous health tracking. The ring is designed to be worn around the clock.

Oura, a Finland-based health technology company, was an early entrant in the smart-ring category and has positioned its device as a screen-free alternative to smartwatches.

Subscription Business Reaches 5 Million Members

Oura also generates recurring revenue through its subscription service, which costs $5.99 per month. Membership gives subscribers access to the company's health insights and tracking features. The company had 5 million paid members as of June 2026 and expects to finish fiscal 2026 with approximately 5.7 million paid members. That would represent growth of around 96% compared with the previous year. Once listed, Oura will report results on a regular public-company schedule, which will show whether membership tracks that projection.

About 72% of Oura members are women, while 27% are over the age of 45.

The company competes with wearable products from Apple, Fitbit, Samsung and Whoop. Smart rings have developed into a separate segment of the wearables market by offering smaller, screen-free health trackers, and Samsung has entered the category with its own smart ring.

Eli Lilly and Dragoneer Show Interest in the IPO

The offering has already attracted interest from large prospective investors. Eli Lilly has indicated that it could purchase up to $100 million of shares in the IPO, while investment firm Dragoneer has indicated interest in purchasing up to $300 million. These expressions of interest do not guarantee that the full amounts will ultimately be purchased.

The listing will also serve as a test of investor demand for consumer technology offerings after a slower start to the autumn IPO season. Markets have recently been affected by higher bond yields, changing Federal Reserve expectations and uncertainty around technology valuations.

Oura was valued at about $11 billion in a private funding round last year. A $15.62 billion IPO valuation would represent a further increase if the offering prices at the top of its expected range.

Goldman Sachs, Morgan Stanley and JPMorgan are leading the offering. Oura is expected to price the IPO and begin trading on the Nasdaq next week. Once pricing is set, where the final price lands within the $40-$44 range and how the stock trades in its opening Nasdaq sessions will offer a read on the demand gathered during the roadshow.