Oura files for Nasdaq initial public offering following rapid revenue growth

Oura Inc., the health intelligence platform behind the Oura Ring, has officially submitted paperwork to the U.S. Securities and Exchange Commission to list its shares on the Nasdaq Global Select Market. The registration statement, filed with the SEC, seeks to offer shares under the ticker symbol OURA. The smart ring company, based in San Francisco, aims to capitalize on its rapid revenue growth and expansion in the marketplace.

As of yet, specific financial details of the IPO, such as the number of shares to be issued and the expected price range, remain undisclosed. Major investment banks, including Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company, and Jefferies, are serving as the lead underwriters for the proposed offering, with BofA Securities, Barclays, and Wells Fargo Securities acting as co-managers.

The filing underscores the company's strong financial performance, with total revenue soaring to $1.21 billion over the nine months ending June 30, 2026, a 74% jump from $697.6 million in the same period last year. Hardware sales comprised the bulk of this revenue, totaling $973.98 million, while subscription-based Membership revenue nearly doubled to $240.53 million.

Profitability indicators also improved, with net income reaching $60.77 million for the period, up from $1.57 million a year ago, and Adjusted EBITDA increasing to $106.65 million. This growth is attributed to a growing user base, with 5.0 million Paid Members as of June 30, 2026, compared to 2.5 million a year earlier, and hardware shipments climbing to 3.1 million Oura Rings in the nine-month period, up from 1.8 million in the previous period.

Funds raised from the IPO will be allocated to various corporate uses, including technology development, working capital, operating expenses, and capital expenditures.