Health-Tracking Ring Maker Oura Launches $2.2 Billion IPO, Sets $40 to $44 Share Price

Oura, the company behind one of the most popular health-tracking smart rings, is seeking to raise as much as $2.2 billion in a U.S. initial public offering alongside some of its biggest investors, setting up another major technology listing in a blockbuster year for IPOs.

The company plans to market 50 million shares at between $40 and $44 apiece, according to an amended registration statement filed Monday with the U.S. Securities and Exchange Commission. Oura itself is offering 13.5 million shares, while existing shareholders are selling another 36.5 million.

At the top of the proposed range, the offering would raise $2.2 billion and give Oura a market capitalization of approximately $14.1 billion based on shares expected to be outstanding after the offering. On a fully diluted basis, Reuters calculated the valuation at about $15.6 billion. The potential valuation represents a significant jump from Oura's last major private financing. The company was valued at roughly $11 billion in 2025 after raising $875 million in a Series E round.

Founded in Finland in 2013, Oura has emerged as one of the most recognizable names in wearable health technology. Its rings monitor metrics including sleep, activity and heart health, offering consumers an alternative to smartwatches and other wrist-worn devices.

Oura sold approximately 3.6 million rings during the 12 months ended June 30, according to Reuters. The company operates offices in Oulu and Helsinki in Finland, as well as San Francisco, San Diego and Los Angeles.

The company's business increasingly extends beyond selling hardware. Customers use the Oura app to analyze data collected by their rings and can interact with Oura Advisor, an AI-powered feature designed to provide personalized health guidance. Its subscription service, Oura Membership, gives customers access to more than 50 health metrics and personalized insights.

Oura reported more than 5 million paid members as of June 30. In the United States, memberships cost $5.99 per month or $69.99 annually. Revenue reached $1.21 billion for the nine months ended June 30, up sharply from $697.6 million during the same period a year earlier.

Oura reported a net loss attributable to stockholders of $924.3 million for the period, compared with a $182.8 million loss a year earlier. The company said those figures include the impact of a deemed dividend to certain holders of redeemable convertible preferred stock.

The IPO will also provide an exit opportunity for some early investors. More than 70% of the 50 million shares in the base offering are being sold by existing shareholders, and Oura will not receive proceeds from those sales. Underwriters also have an option to purchase as many as 7.5 million additional shares from selling shareholders.

Major investors disclosed in the company's filings include Fidelity Management & Research, Forerunner Ventures, Bedford Ridge Capital and Lifeline Ventures. Oura's offering arrives amid a busy year for high-profile technology listings, with investors showing an appetite for companies positioned around artificial intelligence, health technology and other fast-growing sectors.

Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co. and Jefferies are among the banks leading the offering. Oura has applied to list its shares on the Nasdaq Global Select Market under the ticker symbol "OURA."