Smart ring maker Oura took a major leap toward its impending public offering on Thursday after revealing that it has filed the necessary paperwork with the U.S. Securities and Exchange Commission for the listing.
The company said it completed its S-1 form, which is required on the path toward an IPO, but the filing also revealed the brand’s sales have surged in the past year.
According to the form, Oura saw $1.2 billion in revenue in the nine months ending on June 30, marking a major 74 percent boost over the same point last year when the company posted $697 million in sales and subscription-related revenue.
Net income in the period was $60.8 million compared to just $1.6 million at the same time in 2025.
Still, Oura noted in its filing that even with the surge in revenue, it had to consider a number of risk factors in the market even as its subscriber base continues to grow.
“Even if our revenue continues to increase, our growth rate may slow for a number of other reasons, including if there is a slowdown in the growth of demand for our products, an increase in competition, a decrease in the growth or reduction in the size of our overall market, or if we cannot capitalize on growth opportunities,” the company said in its filing. “Failure to continue to grow our revenue or improve or maintain margins would adversely affect our business, financial condition, and results of operations. You should not rely on our historical rate of growth as an indication of our future performance.”
Oura said it has sold 3.6 million rings in the past year and now has around 5 million paid subscribers with an 85 percent retention rate of users who remain with the service for over a year.
The proposed offering is being led jointly by Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company LLC and Jefferies, while BofA Securities, Barclays and Wells Fargo Securities will act as joint book-running managers.
Citizens Capital Markets, KeyBanc Capital Markets and Guggenheim Securities will also be on board and act as book-running managers as Canaccord Genuity, Needham & Company, Raymond James, Rothschild & Co, Truist Securities and William Blair will act as additional book-running managers. Robinhood Securities will act as a co-manager for the proposed offering.
Rumors of the company leaning toward a public offering gained traction in May when it confidentially filed its intention with the SEC in order to kick-start the regulatory review process. At the time, Oura said it did not know the number of shares it would make available for purchase or a price range in the event the company was cleared to be listed.
Last year, a Series E financing round pulled in over $900 million and pushed the company’s valuation to nearly $11 billion, while a recent refresh of the figure now puts Oura at $16 billion in valuation as it believes $3 billion can be raised through a sale of a large quantity of stock.
On Wednesday, the company appointed four new additions to its board, with Jason Warnick, Leslie Kilgore, Miki Kuusi and David Sze being named just as the IPO framework continues to take shape.
