Smart ring maker Oura could launch its public offering as early as next month as it eyes raising as much as $3 billion in the process that would put its valuation at $16 billion, according to published reports on Tuesday.
The listing could coincide with the Labor Day holiday as fund managers and current investors are likely to sell large amount of stock, based on sources familiar with the matter said in an article with Bloomberg.
A push toward IPO comes after the Finnish health tracking company confidentially filed its proposed public offering with the Securities and Exchange Commission in May. Oura did not disclose a timeline during the filing which was under standard regulatory reviews but the company did not that it was seeking the best market conditions for a formally listing.
The new $16 billion valuation would be a significant increase over the $10.9 billion figure the company estimated last September during its Series E financing round as it sought raising $875 million. Back in December 2024, Oura was valued at $5 billion in the midst of its Series D round.
Oura is being assisted by Morgan Stanley, Goldman Sachs, JPMorgan Chase & Co., Allen & Co. and Jefferies Financial Group on the listing, which comes at a time wth the company’s subscriber base has soared to over five million paid users and months after it released its new Oura Ring 5 in May.
With a revamped design that is 40 percent smaller than its predecessor in a sleeker design, the Ring 5 is available in six finishes, has week-long battery life and discreetly tracks a range of health metrics in a popular alternative to smartwatches and band-style trackers like the Fitbit Air or devices from Whoop.
The company is banking on customer loyalty to keep its subscriber numbers afloat and noted in May that more than 80 percent of paid users renew their plans after their first year.
“We’ve earned the trust of millions of people around the world to help them understand some of their most personal health signals, including sleep, stress, recovery, women’s health, activity, metabolic health and more,” Oura chief executive officer Tom Hale said at the time, “That trust drives us to keep expanding the ways we support our members through continued innovation, from strategic partnerships and investments in AI to more predictive health insights and personalized guidance. We’ve evolved beyond tracking to deliver actionable health intelligence that helps people better understand their bodies and make more informed decisions for their long-term health.”
Oura was founded in 2013 and has released five generations of its smart rings in 2015, 2018, 2021, 2024 and its most recent model in May.
