Smart ring maker Oura Health Oy and select existing backers are seeking to raise as much as $3 billion in a U.S. initial public offering, according to a report from Bloomberg News citing people familiar with the matter. The listing could take place as early as September and value the health-tracking technology company at more than $16 billion.
Existing investors are expected to sell a significant portion of their stock in the offering, though deliberations remain ongoing and terms could still change. The prospective valuation represents a notable step-up from last September, when Oura achieved an $11 billion valuation following an $875 million Series E funding round.
The move follows Oura’s confidential IPO filing in May as the company prepares to transition to public markets. To lead the transaction, the firm is working with an underwriting syndicate that includes Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co., Allen & Co., and Jefferies Financial Group Inc.
Oura has cultivated a dedicated consumer following by offering a discrete, ring-based device designed to measure health, fitness, and sleep metrics. The form factor has gained traction among users seeking an alternative to bulkier smartwatches, positioning the company as a prominent pioneer in specialized health hardware.
However, the planned listing comes as established technology giants increasingly explore alternative wearable form factors to capture market share. Samsung Electronics Co. introduced its own smart ring two years ago, while Apple Inc. continues to develop a range of artificial intelligence-powered wearable devices.
Against that backdrop, a successful debut would bolster Oura’s balance sheet with fresh liquidity to defend its early market lead. For public market investors, the offering will provide a clear test of valuation discipline and growth prospects within the evolving consumer health technology landscape.
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