NEW YORK, Sept. 23 -- The most revealing line in Oura's IPO filing was not the revenue figure, the subscriber count, or the $15.62 billion valuation. It was Eli Lilly's name. The pharmaceutical company behind Zepbound and Mounjaro has indicated it intends to buy up to $100 million of shares in the offering, a commitment that places a drug giant at the center of a hardware IPO and signals something about where the business of health data is headed.

Oura filed its prospectus with the Securities and Exchange Commission on Monday, planning to sell 50 million shares priced between $40 and $44 and list on the Nasdaq under the ticker OURA. The offering values the Finnish wearable company at $15.62 billion on a fully diluted basis, and the deal ...