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Oura Health Oy, the maker of a smart ring, is attempting to raise up to $3 billion in a U.S. initial public offering, according to Bloomberg News. The listing could occur as early as September and would value the health-tracking technology company at over $16 billion. Existing investors are likely to sell a substantial share of their stock during the offering, though negotiations are still in progress and terms may change.

This valuation marks a significant increase from Oura's $11 billion valuation in September last year, following an $875 million Series E funding round.

The company is currently in the process of finalizing its confidential IPO filing, which was submitted in May, as it prepares to move into public markets. Underwriting the transaction will be a syndicate led by Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co., Allen & Co., and Jefferies Financial Group Inc.

Oura has gained a loyal consumer base by providing a discreet ring-based device that measures health, fitness, and sleep metrics. This wearable form factor has become increasingly popular among users who prefer an alternative to larger, bulkier smartwatches. The company is considered a pioneer in specialized health hardware.

However, the planned listing coincides with established technology companies, such as Samsung Electronics Co., which launched its own smart ring two years ago, and Apple Inc., which is still developing an array of AI-powered wearable devices. A successful debut for Oura would provide the company with additional liquidity to protect its early market dominance.

For public market investors, the offering will serve as a crucial test of valuation discipline and growth prospects within the expanding consumer health technology sector.