Well-known Apple whistleblower Mark Gurman posted that popular smart ring manufacturer Oura Health Oy has secretly submitted an application for a U.S. stock IPO. Gurman cited people familiar with the matter as saying that Oura plans to go public later this year and is working with Goldman Sachs Group, Morgan Stanley, JPMorgan Chase, Allen & Co. and Jefferies to promote the IPO.
According to people familiar with the matter, Oura has submitted relevant documents to the U.S. Securities and Exchange Commission (SEC) this week.
Oura Ring 4
Oura is headquartered in San Francisco, USA and Finland, and was founded in 2013. In September last year, it raised US$875 million in Series E financing, valuing it at US$11 billion.
In recent years, Oura has rapidly accumulated a user base with smart rings that can track health, fitness and sleep data. Compared with smart watches, its products are lighter and therefore compete with giants such as Apple and Samsung.
Samsung launched a smart ring two years ago, while Apple is developing a series of artificial intelligence (AI)-powered wearable devices.
In September last year, Oura CEO Tom Hale said that the company had sold a total of 5.5 million smart rings, and this number would be 2.5 million in June 2024.
The company expects revenue to reach $1.5 billion in 2026, three times the $500 million in revenue in 2024.
The Oura ring syncs with the mobile app on iPhone and Android devices. Compared with smart watches, fitness smart rings are still in their early stages and do not account for a high proportion of the overall wearable device market, but their popularity is growing rapidly.
If Oura's listing is implemented, it will also become a member of the recovery wave of technology stock IPOs this year. The day before, SpaceX, owned by Elon Musk, submitted its IPO prospectus, and OpenAI is also preparing to submit its prospectus in the next few weeks.