Smart ring maker Oura reveals revenue surge in US IPO filing
The IPO market is expected to pick up steam after a summer lull. Analysts expect issuers to target the post-Labor Day window to get ahead of any uncertainty around November's midterm elections. Oura, whose journey began more than a decade ago in Oulu, Finland, makes a smart ring that tracks key health indicators such as heart rate, sleep stages and physical activity.
Oura, the creator of the smart ring known as Oura Ring, disclosed a significant rise in revenue during its paperwork submission for a U.S. initial public offering. This surge in revenue adds to the increasing trend of consumer-focused businesses seeking to enter the public markets. The IPO market is anticipated to pick up following a summer pause, with companies aiming to launch before potential uncertainty stemming from the November mid-term elections.
Founded more than ten years ago in Oulu, Finland, Oura manufactures a smart ring that monitors vital health indicators, including heart rate, sleep stages, and physical activity. For the nine months ending June 30, the company reported a net income of $60.8 million, a considerable increase from $1.6 million in the same period a year prior. Moreover, revenue soared 74% to $1.21 billion.
Oura has revolutionized the wearable technology sector and experienced rapid growth in recent years as more consumers adopt smart rings that provide personalized health insights. In May, the company unveiled the fifth generation of its smart ring, which is 40% smaller than its predecessor. Last year, Oura raised over $900 million in funding led by Fidelity Management & Research Company, valuing the firm at around $11 billion.
The original name of Oura was Jouzen, derived from joutsen, the Finnish term for swan, the national bird of Finland. Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Co, and BofA Securities are among the underwriters for the offering. Upon listing, Oura will trade on the Nasdaq under the ticker symbol OURA.
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