Smart ring maker Oura is racing toward a Nasdaq listing this week after investors piled into its initial public offering, with order books running roughly four times larger than the stock on offer, Bloomberg reported Friday.

The Finnish-American company, best known for its finger-worn sleep and health tracker, is offering 50 million shares priced between $40 and $44 apiece, a range that would value it at up to $14.1 billion at listing and as much as $15.6 billion on a fully diluted basis, according to terms filed with regulators. Banks were set to stop taking orders Monday, with pricing expected Sept. 29 and shares to begin trading on Nasdaq under the ticker OURA shortly after.

Only a fraction of the raise goes to Oura itself. Of the 50 million shares, the company is selling 13.5 million while existing investors and employees are cashing out the remaining 36.5 million — nearly three-quarters of the deal, TechCrunch reported. Early backer Forerunner Ventures alone plans to sell its entire 9.3% stake, about 28.7 million shares worth roughly $1.2 billion. Most of what Oura does collect — an estimated $526 million of roughly $533 million in net proceeds — is earmarked to cover tax bills tied to employee stock grants rather than new investment in the business.

Growth Behind the Hype

The financials underpinning the offering are real, if richly priced. For the nine months ended June 30, Oura posted $1.21 billion in revenue, up 74% year over year, with its $5.99-a-month subscription business growing 121% to $240.5 million and carrying an 89% gross margin, per its regulatory filings. The company posted net income of $60.8 million over that stretch and counts roughly 5 million paying subscribers across 56 markets, with 85% still paying a year later.

Drugmaker Eli Lilly has emerged as one of the deal's more notable backers, indicating interest in buying up to $100 million of shares and expanding a partnership that feeds Oura's biometric data into LillyDirect, its telehealth platform for patients on GLP-1 weight-loss and diabetes drugs. Renaissance Capital reported Eli Lilly and Dragoneer Investment Group together committed $400 million as cornerstone investors, about 19% of the deal. Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company and Jefferies are leading a syndicate of roughly 17 banks, with Robinhood and Coinbase both listed as selling-group members offering retail and crypto-native customers a shot at shares.

FOUR TIMES OVER: ORDERS FOR OURA STOCK ARE RUNNING WELL AHEAD OF THE 50 MILLION SHARES ON OFFER, BANKERS TOLD BLOOMBERG

The offering marks a big jump from Oura's roughly $11 billion valuation in a private funding round last October, and lands in a reopened U.S. IPO market that has already seen a string of debuts this fall. If pricing holds near the top of the range Monday, Oura would rank among the larger consumer-tech listings of the year, giving investors their first real-time read on whether four-times demand in the order book translates into a first-day pop.