Oura Seeks $2.2 Billion in US IPO

Health and fitness ring-maker Oura Inc. and some of its backers are seeking to raise as much as $2.2 billion in an initial public offering.

The maker of smart rings that track metrics including heart health, activity and sleep plans to market 50 million shares for $40 to $44 each, according to its filing Monday with the US Securities and Exchange Commission. The company will look to sell 13.5 million shares, while its shareholders will offer 36.5 million.

At the top of the price range, the company would have a market value of $14.1 billion, based on the outstanding shares listed in its filing. That compares with a valuation of about $11 billion in 2025 after the Finnish company raised $875 million in its Series E financing round.

Oura’s rings have gained in popularity in recent years as consumers look to track their health metrics with something less cumbersome than a smartwatch that typically needs charging almost daily.

The company was founded in 2013, and has offices in Oulu, Finland, Helsinki, San Francisco, San Diego and Los Angeles, the filing shows. It sold about 3.6 million smart rings in the past year.

Users interact with the ring via an app, which lets them track health information, and the Oura Advisor AI assistant. The rings come in colours including gold, silver and deep rose, with Oura Ring 5 retailing for $399 each or $499 for premium finishes.

The company also offers Oura Membership, a service which lets users track more than 50 health metrics and get personalised insights into nutrition, conception and fertility planning and therapy and medication monitoring. The service had more than five million paid members as of June 30, the filing shows. Plans in the US are priced at $5.99 per month or $69.99 per year.

The company had a net loss attributable to stockholders of $924.3 million on revenue of $1.21 billion for the nine months ended June 30, compared with a net loss of $182.8 million on revenue of $697.6 million in the corresponding period a year earlier, the filing shows. The losses include the effect of a deemed dividend to certain holders of redeemable convertible preferred stock, the filing shows.

IPO investors this year have made outsize bets on new technology, with the $86.2 billion listing for SpaceX, billionaire Elon Musk’s rocket, satellite and artificial intelligence company, setting the record for the largest ever. South Korean memory chipmaker SK Hynix Inc. raised $26.5 billion in July with its American depositary shares listing, notching the biggest ever US debut by a foreign company.

Fidelity Management and Research, Forerunner Ventures, Bedford Ridge Capital and Lifeline Ventures are listed in the filing as investors with stakes of 5 percent or more.

Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co., Allen & Co. and Jefferies Financial Group Inc. are leading the offering, the filing shows. The company’s shares are expected to trade on the Nasdaq Global Select Market under the symbol OURA.

By Subrat Patnaik

Learn more:

The BoF Podcast | Oura CEO on the Future of Health Intelligence

One month after filing for an IPO, Tom Hale joined Imran Amed at The Business of Beauty Global Forum to lay out the company’s central thesis: that Oura is building the world’s first large physiological model, ‘continuously monitoring your body, learning from your physiology and helping you make better decisions.’