Smart ring maker Oura, shareholders look to raise up to $2.2 billion in US IPO

Smart ring maker Oura said on Monday it is seeking to raise as much as $2.2 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.

Weight-loss drugmaker Eli Lilly has indicated interest in purchasing up to $100 million of shares in the offering, while investment firm Dragoneer has indicated interest in buying up to $300 million worth of shares, the company said.

Oura and some its existing investors are looking to sell 50 million shares in the offering, priced between $40 and $44, a regulatory filing showed.

The company makes a smart ring that tracks key health indicators such as heart rate, sleep stages and physical activity.

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.”