Sources: smart ring maker Oura and some of its backers seek to raise up to $3B in a US IPO that could take place as soon as September and value it at over $16B (Bloomberg)

Smart ring maker Oura and some of its backers are seeking to raise up to $3 billion in a US initial public offering. The listing could take place as early as September and value the company at over $16 billion, according to Bloomberg.

Existing investors are expected to sell a significant portion of their stock in the offering. The terms of the IPO could still change. Oura achieved an $11 billion valuation following an $875 million Series E funding round last September.

Oura has filed confidentially for an IPO in May and is working with an underwriting syndicate that includes Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co., and Jefferies Financial Group. The company offers a ring-based device that measures health, fitness, and sleep metrics, and has gained traction among users seeking an alternative to bulkier smartwatches.

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