Monitor the final IPO pricing and allocation, particularly the extent to which cornerstone investors (Eli Lilly and Dragoneer) participate. Post-IPO, watch for lock-up expirations (180 days from prospectus date) and the company's ability to sustain its rapid revenue growth trajectory while managing warranty costs and competitive pressures.
Executive Summary
Oura Inc. filed Amendment No. 1 to its S-1 registration statement for an IPO of 50,000,000 shares of common stock, with the company offering 13,500,000 shares and selling stockholders offering 36,500,000 shares. The estimated IPO price range is $40.00 to $44.00 per share, and the company has applied to list on Nasdaq under the ticker 'OURA'. Eli Lilly and Company and Dragoneer Investment Group have indicated interest in purchasing up to $100.0 million and $300.0 million of shares, respectively.
Key Financial Metrics
Key Facts
- IPO of 50,000,000 shares of common stock; company offering 13,500,000 shares, selling stockholders offering 36,500,000 shares.
- Estimated IPO price range: $40.00 to $44.00 per share.
- Eli Lilly and Company indicated interest in purchasing up to $100.0 million of shares; Dragoneer Investment Group indicated interest in purchasing up to $300.0 million of shares.
- Net proceeds to company estimated at approximately $532.6 million (at $42.00 midpoint).
- Approximately $526.4 million of net proceeds to be used for tax withholding and remittance obligations related to RSU Net Settlement; remainder for general corporate purposes.
- Revenue for nine months ended June 30, 2026: $1,214.5 million (74% YoY growth); net income: $60.8 million.
- As of June 30, 2026: 5.0 million Paid Members; 3.1 million Rings Sold in the nine-month period.
- Weighted-Average 12-Month Paid Member Retention: approximately 85% as of June 30, 2026.
- Pro forma net income per share (basic) for nine months ended June 30, 2026: $0.20.
- Pro forma as adjusted net tangible book value (deficit) per share after offering: $(0.69).
Financial Impact
IPO expected to raise approximately $532.6 million in net proceeds for the company. The offering values the company at an implied market capitalization of approximately $13.5 billion at the $42.00 midpoint (320,945,459 shares outstanding post-offering).
Risk Factors
- Rapid growth may not be sustainable; revenue growth rate slowed from 123% (FY2024 to FY2025) to 74% (9mo YoY).
- Dependence on a limited number of contract manufacturers and single-source suppliers for Oura Ring production.
- Warranty costs related to battery performance issues on Oura Ring 4 cohorts have impacted gross margins.
- Significant dilution for new investors: pro forma as adjusted net tangible book value (deficit) per share is $(0.69) vs. IPO price of $42.00.
- Substantial number of shares (approximately 232.9 million) subject to lock-up agreements that will become eligible for sale at various intervals, potentially pressuring stock price.
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-1/A Filing (Primary) | 0001193125-26-396051 |
| Document: d119865dex108.htm | 0001193125-26-396051 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 24, 2026 4w ago | Press Release | — | awaiting T+20 | — | — |
Sep 21, 2026 5w ago | S-1/A | — | awaiting T+20 | — | — |
US Market Status
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