Abstract:
Health and fitness smart ring maker Oura and some of its investors plan to raise up to $2.2 billion in an initial public offering (IPO). This smart ring manufacturer's products can monitor multiple body indicators such as heart health, exercise activity, and sleep. The company plans to offer 50 million shares at a price range of $40-44 per share, according to a filing with the U.S. Securities and Exchange Commission on Monday. Among them, the company itself sold 13.5 million shares and existing shareholders sold 36.5 million shares.
An Oura smart ring and its charging box
Based on the upper limit of the issuance range and combined with the total share capital disclosed in the application documents, the company's market value after listing will reach US$14.1 billion. The Finnish company was valued at about $11 billion at the time after completing an $875 million Series E round in 2025.
Oura smart rings have become increasingly popular in recent years. Compared with smart watches that require charging almost every day and are more burdensome to wear, many consumers choose to use this ring to monitor their health data.
Declaration documents show that Oura was founded in 2013, with offices located in Oulu and Helsinki, Finland, as well as San Francisco, San Diego, and Los Angeles in the United States. The company sold about 3.6 million smart rings in the past year.
Users can view various health data through the companion app, and can also use the Oura Advisor artificial intelligence assistant. The rings are available in gold, silver, dark rose gold, and more; the Oura Ring 5 retails for $399 in standard versions and $499 in higher-end finishes.
The company also launched the Oura membership service. After activation, users can view more than 50 health indicators and obtain personalized analysis on nutrition, pregnancy planning, treatment and medication monitoring. As of June 30, the number of paid members exceeded 5 million, documents show. Membership in the U.S. is $5.99 monthly and $69.99 annually.
Financial report data shows that in the nine months ended June 30, the company had revenue of $1.21 billion, but a net loss attributable to shareholders of $924.3 million; in the same period last year, revenue was $697.6 million and a net loss was $182.8 million. The filing documents state that the loss includes the impact of deemed dividends to shareholders of some redeemable convertible preference shares.
In this year’s IPO market, investors are betting heavily on new technology companies. Elon Musk's SpaceX, which integrates rockets, satellites, and AI businesses, went public and raised US$86.2 billion, setting a record for the largest IPO in history. South Korean memory chip manufacturer SK Hynix went public through American Depositary Receipts in July, raising US$26.5 billion, setting a record for the largest amount of capital raised by a foreign company listed in the United States.
The filing documents disclosed that Fidelity Investments, Forerunner Ventures, Bedford Ridge Capital, and Lifeline Ventures all hold shares of 5% or more.
Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co, and Jefferies will serve as the lead underwriters of this IPO. The company's shares are expected to be listed on the Nasdaq Global Select Market, stock code:
OURA
.
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