Smart Ring Maker Oura Seeks Up to $3B in IPO

Oura, which has its main offices in San Francisco and Finland, was founded in 2013. It reached an $11 billion valuation last September

(Bloomberg) — Oura Health Oy, a maker of smart rings that track health, fitness and sleep, and some of its backers are seeking to raise as much as $3 billion in a US IPO, according to people familiar with the matter.

The company’s initial public offering could take place as soon as in September and value it at more than $16 billion, some of the people said. Existing investors are expected to sell a significant amount of stock in the offering, the people said.

Oura said in May that it filed confidentially for an IPO. It’s working with Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co., Allen & Co. and Jefferies Financial Group Inc. on the listing, Bloomberg News has reported.

The company has gained a following among consumers looking to measure health metrics with something less cumbersome than a watch, as Apple Inc. and Samsung Electronics Co. explore new kinds of wearable tech. Samsung introduced a ring two years ago, and Apple is working on a range of artificial intelligence-powered wearable devices.

Deliberations are ongoing and details of the IPO plan including the timing could change, the people said, asking not to be identified as the information isn’t public. A representative for Oura didn’t immediately respond to a request for comment.

Oura, which has its main offices in San Francisco and Finland, was founded in 2013. It reached an $11 billion valuation last September with a round that raised $875 million in Series E funding, Bloomberg News reported at the time.

Read More: Oura Ring Maker to Become $11 Billion Company With New Raise

The company would join a wave of companies seeking to go public before November’s mid-term elections. Anthropic PBC expects to match or beat the size of SpaceX’s record-setting IPO with a debut as soon as next month, Bloomberg News reported, while AI cloud firm Nscale is seeking to raise as much as $3 billion in its US IPO as soon as September. Switch filed confidentially for a listing that could take place as soon as in November, and could seek a valuation in a funding round approaching $50 billion including debt, Bloomberg News reported.

Oura sold 5.5 million rings through September 2025, Chief Executive Officer Tom Hale said at the time, up from 2.5 million sold through June 2024. The company expects revenue to reach $1.5 billion in 2026, tripling the $500 million it generated in 2024.

The company’s rings sync with a smartphone app on iPhones and Android devices. Though fitness rings make up a small slice of the wearables market, which is dominated by smartwatches, they are growing quickly in popularity.