Smart ring maker Oura kicks off its IPO roadshow seeking $2.2 billion

Oura, a Finnish health tracking ring maker, announced plans to go public through an initial public offering on Monday. With the aim of raising $2.2 billion, the company plans to sell 50 million shares priced between $40 and $44 each. Oura has applied to trade on the Nasdaq under the ticker symbol OURA. The company was founded in Finland and sells its flagship Oura Ring 5 for a price range of $399 to $499.

During the nine months leading up to June 30, Oura's revenue amounted to $1.2 billion, a significant increase from $697 million in the same period last year. However, the company also reported a substantial net loss of $924 million. In the same timeframe, Oura sold 4.1 million Oura Rings, a notable rise from 1.8 million in the comparable period of the previous year.

The company's subscription service, which is priced at $5.99 per month, boasted 5 million paid members as of June 2026. Oura's customer base is predominantly female, with 72% of its members being women, and a significant portion over the age of 45, accounting for 27% of its user base. Competition in the health-tracking wearables market is fierce, with major players like Fitbit and Apple's Watch vying for consumer attention.

The Oura Ring, however, distinguishes itself through its screenless design, competing with other screenless wearables such as the Whoop tracker. This design appeals to consumers who prefer devices that minimize distractions, offering uninterrupted use for approximately a week without requiring a recharge. Other tech giants, including Samsung, have also entered the ring-style bandwagon.

The key to Oura's success lies in the valuable data it collects and provides through its app, which includes information on sleep patterns, physical activity, readiness, stress levels, heart and metabolic health, and women's health metrics. The absence of a screen on the Oura Ring allows it to operate without frequent recharging, a feature that sets it apart from many of its competitors.