What Sets the IPO Price
Oura's IPO price is not set by the open market. It is negotiated between Oura and its underwriting syndicate, led by Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen and Company, and Jefferies, based on investor demand gathered during the roadshow that began the week of September 21, 2026.
The current expectation, filed September 21, 2026, is $40.00 to $44.00 per share for 50,000,000 shares. Bloomberg reported on September 25, 2026, citing an investor presentation, that order books were about four times oversubscribed, with banks expected to stop taking orders the afternoon of September 28 ahead of a reported September 29 pricing.
TechCrunch reported on September 21, 2026 that Forerunner Ventures, Oura's second largest shareholder, plans to sell its entire stake of about 28.7 million shares in the offering, nearly 80 percent of the shares being sold by existing stockholders, worth up to roughly $1.20 billion to $1.26 billion depending on the final price.
IPO Price Versus First Trade
The IPO price and the first trade price are set by different mechanisms. The IPO price is a fixed number the underwriters and Oura agree on, typically the evening the SEC declares the registration effective. The first trade price is whatever buyers and sellers agree to once the stock actually opens on Nasdaq, and SEC investor guidance notes it may bear little relation to the offering price.
Fidelity's own IPO guidance states new shares generally begin trading on the secondary market the day after pricing, often between 10:00 AM and 2:00 PM ET, not at the regular market open, because underwriters must finish allocating shares first. Lock up agreements covering most Oura stockholders for 180 days from the prospectus date also limit how many shares can trade in the early days.
What to Watch at Pricing
At pricing, watch whether the final price lands inside the filed $40.00 to $44.00 range, above it, or below it. As of September 27, 2026, no source confirms the range itself has been raised despite the reported four times oversubscription.
Also watch allocation: Eli Lilly and Company and funds affiliated with Dragoneer Investment Group have indicated non-binding interest in buying up to $100 million and $300 million of shares respectively at the IPO price, as disclosed in Oura's Form S-1/A (September 21, 2026), and underwriters have reserved up to 7.5 percent of shares for buyers named by Oura's management.
Watch the lock up too: directors, executives and most stockholders are locked up for 180 days from the prospectus date, though a graduated, price-based schedule can release up to about 232.9 million shares earlier if the stock trades above set thresholds, which can affect how much stock is free to trade soon after listing.