Oura, the company behind the popular health-tracking smart ring, along with some of its existing shareholders, is aiming to raise as much as $2.2 billion through a U.S. initial public offering. The smart ring maker's device tracks a wide range of bodily metrics, including heart health, physical activity, and sleep patterns.
According to a filing submitted to the U.S. Securities and Exchange Commission on Monday, the company plans to offer 50 million shares at a proposed price range of $40 to $44 per share. Of that total, the company itself is selling 13.5 million shares, while existing investors are offloading 36.5 million shares. At the top end of the indicated price range, and based on the total share count disclosed in the filing, the company's post-listing market valuation would reach $14.1 billion.
The Finnish company, which completed a $875 million Series E funding round in 2025 at a valuation of approximately $11 billion, has seen demand for its smart rings surge in recent years. Many consumers are choosing the ring over smartwatches for health monitoring, as it requires less frequent charging and is lighter to wear on a daily basis.
The filing reveals that Oura was founded in 2013 and operates out of offices in Oulu and Helsinki, Finland, as well as San Francisco, San Diego, and Los Angeles in the United States. Over the past year, the company sold roughly 3.6 million smart rings. Users access their health data through the companion app and can also use the Oura Advisor AI assistant.
The rings are available in finishes such as gold, silver, and dark rose gold. The standard Oura Ring 5 retails for $399, while premium finish versions are priced at $499. The company also offers an Oura membership service, which gives users access to more than 50 health metrics, along with personalized insights on nutrition, fertility planning, treatment, and medication monitoring. As of June 30, paid memberships exceeded 5 million, with U.S. members paying $5.99 per month or $69.99 per year.
Financial figures in the filing show that for the nine months ended June 30, the company generated revenue of $1.21 billion, but recorded a net loss attributable to shareholders of $924.3 million. In the same period a year earlier, revenue stood at $697.6 million with a net loss of $182.8 million. The filing notes that the losses include the impact of deemed dividends to certain holders of redeemable convertible preferred shares.
This year's IPO market has seen heavy investor bets on new technology ventures. SpaceX, Elon Musk's rocket, satellite, and AI business, raised $86.2 billion in its listing, setting a record for the largest IPO in history. South Korean memory chip maker SK Hynix also raised $26.5 billion through a U.S. depositary receipt listing in July, marking the largest fundraising by a foreign company on a U.S. exchange.
The filing also discloses that Fidelity Investments, Forerunner Ventures, Bedford Ridge Capital, and Lifeline Ventures each hold stakes of 5% or more. Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co, and Jefferies will serve as lead underwriters for the IPO. The company's shares are expected to list on the Nasdaq Global Select Market under the ticker symbol OURA.