Sept 21 (Reuters) - Smart ring maker Oura is targeting a fully diluted valuation of $15.62 billion in its US initial public offering, as the fall listing window looks to kick back into action after a subdued start marked by market volatility.
The deal will put investor appetite for high-growth consumer technology companies to the test, as uncertainty around the AI trade, rising bond yields and Federal Reserve rate hikes has kept markets jittery in recent weeks.
Oura and some of its existing investors
plan to raise as much as $2.2 billion through the sale of 50 million shares at the top of the indicated price range of $40 to $44, a regulatory filing showed.
Weight-loss drugmaker Eli Lilly has indicated interest in purchasing up to $100 million of the shares, while investment firm Dragoneer has indicated interest in buying up to $300 million worth of shares, the company said.
Oura has helped fuel the popularity of smart rings in the wearables market, boosted by growing demand for personalized health and fitness insights amid a broader focus on wellness, weight management and preventive health.
The smart ring tracks key health indicators such as heart rate, sleep stages and physical activity.
The company's revenue surged roughly 74% year-over-year to $1.21 billion for the nine months ended June 30.
In October last year, Oura was valued at about $11 billion when it raised over $900 million in a late-stage funding round led by Fidelity Management.
Goldman Sachs, Morgan Stanley, and J.P. Morgan are the lead underwriters of the IPO.
After the deal closes, Oura will list on the Nasdaq under the ticker symbol "OURA."
(Reporting by Manya Saini in Bengaluru; Editing by Shinjini Ganguli and Leroy Leo)
