Smart ring maker Oura targets $2.2 billion in US listing

Oura Inc, a smart ring maker founded in 2013, is preparing to go public in the United States with an initial public offering (IPO) that could raise up to $2.2 billion. The Finnish-American company, which specializes in rings that monitor heart health, physical activity and sleep, plans to issue 50 million shares priced between $40 and $44 apiece.

Oura will sell 13.5 million of these shares directly, while other investors, including venture firms Forerunner Ventures and Lifeline Ventures, will distribute the remaining 36.5 million.

If the top-end price range is applied, Oura would be valued at $14.1 billion, though that figure could potentially exceed $15 billion once all stock options and restricted units are accounted for. This represents a significant increase from the $11 billion valuation Oura achieved in 2025 after raising $875 million in a Series E round. The IPO is slated to take place on September 29 and will be listed on the Nasdaq Global Select Market under the ticker symbol OURA.

Founded during a surge in interest in lightweight health-tracking devices, Oura's primary competition comes from smartwatches, which require frequent charging. Users interact with Oura's data through its accompanying app, augmented by an advisor AI assistant. The company’s latest ring, the Oura Ring 5, sells for $399 in the US (or $499 for premium finishes) and Dh1,599 base and Dh1,999 premium in the UAE.

Beyond its hardware, Oura offers a subscription-based membership service that tracks over 50 health metrics, including fertility and medication monitoring. As of June 30, this service boasted more than five million paying subscribers in the US, with a monthly fee of $5.99 or an annual rate of $69.99. In the UAE, the price point is slightly different: Dh29.99 per month or Dh269 annually.

Oura's financials for the nine months leading up to June 30 showed a net loss of $924.3 million on revenue of $1.21 billion, compared to a $182.8 million loss on $697.6 million in revenue during the same period the previous year. This larger loss can be attributed in part to a deemed dividend related to redeemable convertible preferred stock.

The company's IPO adds to a busy year for technology IPOs, following SpaceX's record-breaking $86.2 billion offering and SK Hynix's $26.5 billion Nasdaq debut—the largest ever by a foreign company. Additionally, health and wellness-focused company Anthropic is poised to reach a revenue milestone of $100 billion prior to a potential IPO. Investors considering the Oura Ring 5 should weigh its innovative features and health tracking capabilities against its premium pricing.