Oura Inc (OURA.US), the maker of health and fitness smart rings that monitor heart rate, activity, and sleep, is seeking to raise up to $2.2 billion through an initial public offering along with some of its existing shareholders.

According to a filing with the U.S. Securities and Exchange Commission on Monday, the company plans to offer 50 million shares at a price range of $40 to $44 per share. Of that total, the company will sell 13.5 million shares, while existing shareholders will sell 36.5 million shares. At the top end of the price range, the company's market capitalization would reach $14.1 billion, based on the number of shares outstanding listed in the filing. For context, the Finnish company was valued at approximately $11 billion after completing a $875 million Series E funding round in 2025.

In recent years, Oura's rings have gained increasing popularity as consumers seek a lighter-weight alternative to smartwatches for tracking health metrics, since smartwatches often require near-daily charging. Founded in 2013, the company has offices in Oulu and Helsinki, Finland, as well as San Francisco, San Diego, and Los Angeles, according to the filing. Over the past year, it has sold roughly 3.6 million smart rings.

Users interact with the ring through an app that tracks health data and features the Oura Advisor AI assistant. The rings come in a variety of finishes, including gold, silver, and rose, with the Oura Ring 5 priced at $399 per ring and premium finishes at $499. The company also offers an Oura Membership subscription that allows users to track more than 50 health metrics and receive personalized insights on nutrition, fertility planning, and treatment and medication monitoring. As of June 30, the service had more than 5 million paid members, with U.S. plans priced at $5.99 per month or $69.99 per year.

For the nine months ending June 30, the company reported a net loss attributable to shareholders of $924.3 million on revenue of $1.21 billion, compared with a net loss of $182.8 million and revenue of $697.6 million in the same period the prior year. The filing noted that these losses included the impact of "deemed dividends" accrued to holders of certain redeemable convertible preferred stock.

This year, IPO investors have made significant bets on new technology companies: billionaire Elon Musk's rocket, satellite, and AI company SpaceX set a record for the largest IPO ever at $86.2 billion, and South Korean memory chip maker SK Hynix raised $26.5 billion in July through American depositary receipts, marking the largest U.S. debut by a foreign company. The filing lists Fidelity Management & Research Company, Forerunner Ventures, Bedford Ridge Capital, and Lifeline Ventures as investors holding 5% or more of the company. Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co., and Jefferies Financial Group will jointly lead the offering, according to the filing. The company's shares are expected to list on the Nasdaq Global Select Market under the ticker symbol OURA.