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Oura Health Oy, a maker of popular smart rings that track health, fitness and sleep, filed confidentially for a US initial public offering, according to a person with knowledge of the matter.
Oura, which plans to go public later this year, is working with Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co., Allen & Co. and Jefferies Financial Group Inc. on the IPO, said the person, who asked not to be identified while discussing a private matter.
The company filed with the US Securities and Exchange Commission this week. An Oura spokesperson declined to comment.
Oura is part of a resurgence in technology stock offerings this year. Elon Musk’s SpaceX filed an IPO prospectus on Wednesday, and ChatGPT maker OpenAI is preparing to file in the coming weeks, Bloomberg News reported.
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Oura has gained a following in recent years with consumers looking to measure their health metrics with something less cumbersome than a watch. It’s brought competition to companies such as Apple Inc. and Samsung Electronics Co., which are making their own efforts to offer new kinds of wearables. Samsung introduced a ring two years ago, and Apple is working on a range of AI-powered wearable devices.
Oura, which has its main offices in San Francisco and Finland, was founded in 2013. It reached an $11 billion valuation last September with a round that raised $875 million in Series E funding, Bloomberg News reported at the time.
Oura Chief Executive Officer Tom Hale said in September that the company had sold 5.5 million rings to date, up from 2.5 million sold through June 2024. The company expects revenue to reach $1.5 billion in 2026, tripling the $500 million it generated in 2024.
The company’s rings sync with a smartphone app on iPhones and Android devices. Compared with smartwatches, fitness rings are still in their infancy and make up a small slice of the overall wearables market — but they are growing quickly in popularity.
By Mark Gurman
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