Oura targets valuation of up to $14.1B in Nasdaq IPO

$OURA is targeting an IPO price of $40-$44 per share, implying a valuation of roughly $12.8 billion to $14.1 billion for the smart-ring maker.
The offering includes 50 million shares worth approximately $2 billion-$2.2 billion, although most are being sold by existing holders. Oura itself is offering 13.5 million shares, while existing investors are selling 36.5 million. At the $42 midpoint, the company expects about $533 million in net proceeds, with roughly $526 million earmarked for tax withholding associated with RSU vesting around the IPO.
Eli Lilly has indicated interest in purchasing up to $100 million of shares and Dragoneer up to $300 million, although both indications are non-binding. Oura reported nine-month revenue of $1.21 billion, up 74% YoY, while net income increased to $60.8 million from $1.6 million. Paid membership reached 5 million, and subscription revenue grew 121% to $241 million with an 89% gross margin.
Oura plans to list on Nasdaq under $OURA.