Smart Ring Maker Oura Targets $2.2 Billion IPO at $14.1 Billion Valuation
Oura aims to raise $2.2 billion in an IPO, targeting a market valuation of up to $14.1 billion. The smart ring maker filed with the SEC to offer 50 million shares.
Oura, the maker of popular smart health rings, is seeking to raise $2.2 billion in an initial public offering (IPO), according to a Bloomberg report. The company, which produces smart rings that track health metrics including heart rate, physical activity, and sleep, plans to issue 50 million shares at a price between $40 and $44 per share, according to a prospectus filed on Monday with the U.S. Securities and Exchange Commission (SEC).
Financial Highlights and Valuation
Oura itself will sell 13.5 million shares, while existing shareholders will offer an additional 36.5 million shares. At the top of the price range, the company's market valuation will reach $14.1 billion, based on the number of shares listed in the prospectus. This represents an increase from its 2025 fundraising round, which valued the company at $11 billion. According to the prospectus, the company recorded a net loss of $924.3 million and revenue of $1.21 billion in the nine months ended June 30, compared to a loss of $182.8 million and revenue of $697.6 million during the same period last year.
"Oura's growth reflects the surging demand for convenient health-tracking technology that fits seamlessly into consumers' daily lives without the daily charging demands of traditional smartwatches."
Products and Market Reach
Founded in 2013, Oura operates offices in Oulu and Helsinki, Finland, as well as San Francisco, San Diego, and Los Angeles. Approximately 3.6 million rings were sold over the past year. Users interact with the ring via an application that tracks health data and through the Oura Advisor artificial intelligence assistant. The rings are available in several colors, including gold, silver, and rose-dark red, with the Oura Ring 5 model priced at $399 and $499 for premium finishes.
Subscription Services and Underwriters
The company also offers a subscription service called Oura Membership, allowing users to track more than 50 health metrics and receive personalized insights on nutrition, fertility planning, and medical tracking. According to the prospectus, the service had more than 5 million paying subscribers as of June 30, priced in the U.S. at $5.99 per month or $69.99 annually. Major investors holding a 5% or greater stake include Fidelity, Forerunner Ventures, Bedford Ridge Capital, and Lifeline Ventures. The IPO is being led by Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co., and Jefferies Financial Group, with shares expected to trade on the Nasdaq stock exchange under the ticker symbol OURA.
