Smart ring maker Oura targets $15.62-billion valuation in U.S. IPO — SkimNews
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Oura is targeting a fully diluted valuation of US$15.62-billion in its U.S. IPO, with the company and existing investors selling 50 million shares at an indicated range of US$40 to US$44 for up to US$2.2-billion in proceeds
- Oura kicked off its road show on Monday, positioning the deal as the first real test of U.S. investor appetite after a sluggish start to the fall IPO season, according to Mergermarket's Samuel Kerr
- Eli Lilly has indicated interest in purchasing up to US$100-million of the shares, while investment firm Dragoneer has indicated interest in buying up to US$300-million worth
- Oura reported revenue surged roughly 74 per cent year-over-year to US$1.21-billion in the nine months ended June 30, riding consumer demand for personalized health tracking
- Oura previously reached a valuation of about US$11-billion in a late-stage funding round last year
- Goldman Sachs, Morgan Stanley, and J.P. Morgan are the lead underwriters, and Oura will list on the Nasdaq under the ticker symbol "OURA"
- The deal comes amid market jitters from uncertainty around the AI trade, rising bond yields, and recent Federal Reserve rate hikes that have kept markets volatile in recent weeks
Why it matters: Oura's pricing will set the tone for the fall IPO window — a strong debut would embolden other issuers sitting on the sidelines, while a weak showing would amplify fears that the Fed-driven market volatility is choking off tech listings. With 74% revenue growth and anchor commitments from Eli Lilly and Dragoneer, Oura has the metrics to clear the bar, but its $15.62-billion ask is a 42% jump from its $11-billion private valuation just last year.
Ask SkimNews
