Smart ring maker Oura targets $2.2 billion in US listing

Smart ring maker Oura Inc and a couple of its investors are looking to raise as much as $2.2 billion through a US initial public offering, according to a filing with the Securities and Exchange Commission on Monday.

The Finnish-American company, known for rings that track heart health, activity and sleep, plans to offer 50 million shares priced between $40 and $44 each. Oura itself will sell 13.5 million shares, while existing shareholders, including Forerunner Ventures and Lifeline Ventures, will offload the remaining 36.5 million in the IPO.

$3 billion jump in valuation

Interestingly, if we were to gauge valuations, going by the top end of the price range, Oura would be valued at $14.1 billion based on outstanding shares. But that amount could rise upto $15 billion on a fully diluted basis once stock options and restricted units are included.

That marks a sharp jump from the $11 billion valuation the company secured in 2025 after raising $875 million in a Series E round. The IPO is expected to price on September 29. Oura's shares are expected to trade on the Nasdaq Global Select Market under the ticker OURA.

Oura’s retail value

Founded in 2013, Oura has grown alongside rising consumer interest in lightweight health-tracking devices as an alternative to smartwatches that require frequent charging. Users manage their data through Oura's app, aided by its Advisor AI assistant. The latest Oura Ring 5 sells for $399, or $499 for premium finishes in the US whereas in the UAE it retails for Dh1,599 for base finishes and Dh1,999 for premium finishes.

The company also runs a membership service tracking over 50 health metrics, including fertility and medication monitoring, which had more than five million paid subscribers as of June 30. Membership costs $5.99 a month or $69.99 annually in the US and the UAE it costs Dh29.99 per month and Dh269 annually.

Financially, Oura reported a net loss of $924.3 million on revenue of $1.21 billion for the nine months ended June 30, compared with a $182.8 million loss on $697.6 million in revenue a year earlier. The wider loss partly reflects a deemed dividend tied to redeemable convertible preferred stock.

Oura's listing adds to a strong year for tech IPOs, following SpaceX's record $86.2 billion offering and SK Hynix's $26.5 billion Nasdaq debut, the largest ever by a foreign company.