Finland-born ŌURA targets $15.6B valuation in Nasdaq IPO

Finland-born smart-ring company ŌURA is heading toward one of Europe's most notable U.S. technology listings of 2026. The company launched its IPO roadshow on September 21 and is offering shares at an expected price of $40 to $44, targeting a fully diluted valuation of approximately $15.6 billion.

ŌURA has applied to list on the Nasdaq Global Select Market under the ticker OURA. The offering covers 50 million shares, putting its total potential size at as much as $2.2 billion at the top of the proposed range.

A Finnish company heading to Nasdaq

ŌURA traces its roots to Finland, where the business was originally incorporated in 2013 as JouZen Oy before becoming Oura Health Oy. In March 2026, the group completed a reorganization that redomiciled its parent company from Finland to the United States, with the newly formed Delaware-based Oura Inc. becoming the parent of the group.

Today, the company's corporate headquarters are in San Francisco, while it continues to maintain operations and offices in Finland. The Nasdaq listing would mark another major step in ŌURA's transformation from a Finnish wearable startup into a global consumer health technology company.

$2.2 billion offering — but not $2.2 billion for ŌURA

There is an important distinction behind the headline IPO number. ŌURA itself is selling 13.5 million shares, while existing shareholders are offering another 36.5 million. That means the majority of the potential $2.2 billion transaction represents shares being sold by existing investors rather than fresh capital going onto ŌURA's balance sheet.

At the $42 midpoint of the proposed price range, ŌURA estimates that it will receive approximately $532.6 million in net proceeds from the shares it is selling. The company will receive no proceeds from shares sold by existing stockholders.

ŌURA says approximately $526.4 million of those expected proceeds is intended to cover anticipated tax withholding and remittance obligations associated with the settlement of restricted stock units, with the remainder available for general corporate purposes.

The numbers behind the $15.6 billion valuation

ŌURA enters the public markets with significant growth behind it. Revenue reached $1.2145 billion during the nine months ended June 30, 2026, up 74% from $697.6 million during the same period a year earlier.

The company generated $60.8 million in net income over those nine months, compared with $1.6 million in the prior-year period. Membership revenue grew even faster, increasing 121% year over year to $240.5 million.

ŌURA had 5 million paid members as of June 30, double the 2.5 million reported a year earlier. The company also sold 3.6 million Oura Rings during the 12 months ended June 30, representing approximately 2% of global wearable-device shipments over that period.

From a Finnish startup to the U.S. public markets

The IPO is more than a financing event. ŌURA's trajectory shows how far a European consumer technology company can scale in the U.S. market: from its Finnish origins and early support from Business Finland to a San Francisco headquarters, millions of paying members and a proposed Nasdaq listing.

If priced at the top of its proposed range, the transaction would value the business at roughly $15.6 billion on a fully diluted basis. That makes ŌURA a particularly visible example of a European-born technology brand using the depth of the U.S. capital markets to support its next phase of growth.