Oura, the maker of smart ring tracking devices, revealed on Thursday that it confidentially filed for a proposed public offering with the Securities and Exchange Commission.
A timeline for the IPO has not been revealed but the plan will undergo standard regulatory reviews and as the company pinpoints the best market conditions that support when it hopes to be formally listed.
“The number of shares to be offered and the price range for the proposed offering have not yet been determined,” the company said in a statement. “The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.”
Oura was founded in 2015 and its line of popular smart rings differs drastically from smartwatch and screenless bands since its devices are significantly more discreet than a wrist wearable and offers styles that resemble jewelry. The rings are packed with health tracking features in a small product and in recent years, the company has expanded beyond baseline metrics.
In September, a report in Bloomberg revealed the company was in the process of raising $875 million in a Series E financing round, boosting its valuation to around $10.9 billion. That is more than twice the valuation from the $5 billion amount Oura posted from its Series D round in December 2024.
A day before disclosing its IPO plans, Oura announced that it is on pace to push past five million paid subscribers in the quarter, which is over four times the amount it had just two years ago.
The company also noted that more than 80 percent of subscribers renew their plans after their first year which has been crucial to its growth in the past two fiscal years where Oura saw a quadruple boost in total revenue.
“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, “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.”
