Oura is reportedly eyeing a September IPO that could value it at more than $16B

Oura, the smart ring company with headquarters in San Francisco and Finland, is reportedly eyeing a September Initial Public Offering (IPO) that could value the business at over $16 billion, according to Bloomberg. The U.S. IPO would raise approximately $3 billion, with investors anticipated to sell a significant portion of shares during the offering.

This valuation would be a substantial increase from the $10.9 billion Oura received in its $875 million Series E round just last September, backed by notable investors such as Fidelity, ICONIQ, Whale Rock, and Atreides. Earlier backers included Dexcom, The Chernin Group, Forerunner Ventures, Coatue, and Temasek.

Samsung unveiled its own smart ring, the Galaxy Ring, two years ago, but Oura's closest competitor might be the fitness band maker Whoop. Whoop experienced its own reimagination in the past year, shifting from being a tool for elite athletes and young men to a broader audience offering. The addition of hormone tracking and blood-panel testing for conditions like perimenopause and thyroid health has driven Whoop's valuation to $10 billion as of March.

Oura has taken a similar trajectory, transitioning from its niche focus on biohacking CEOs to become a more mainstream sleep-and-recovery brand.

In May, Oura filed a confidential IPO paperwork.