Smart-ring maker Oura has launched the roadshow for its U.S. initial public offering, targeting a fully diluted valuation of approximately $15.6 billion as the wearable-technology company tests investor demand in the fall IPO market.
Oura and existing shareholders plan to sell 50 million shares at between $40 and $44 each, putting the potential offering at as much as roughly $2.2 billion.
The structure is important: Oura itself is selling 13.5 million shares, while existing shareholders are offering the remaining 36.5 million.
The IPO follows substantial growth in the company’s business.
Oura reported approximately $1.21 billion in revenue for the nine months through June, up about 74% from the comparable period a year earlier.
The company has built its business around wearable health monitoring through its smart ring and a recurring membership platform.
Investor interest in the transaction will provide another test of the market for consumer technology companies after an uneven period for new listings.
The IPO price range does not guarantee that Oura will achieve the targeted valuation. Final pricing will depend on investor demand during the offering process.
If completed at the upper end, however, the transaction would represent one of the more prominent consumer-technology IPOs of the current listing cycle.
