Oura, the smart ring manufacturer founded in Finland in 2013, publicly filed for a US initial public offering on Thursday after reporting rapid revenue growth and a wider net loss. It plans to list on the Nasdaq Global Select Market under the ticker OURA.
The filing would bring a consumer health-wearables business built around physiological data, ring sales and paid memberships to the public markets. Oura recorded $1.21 billion in revenue in the nine months ended June 30. That was 74% higher than the $697.6 million reported for the corresponding period a year earlier.
Net loss attributable to stockholders was $924.3 million for the nine-month period, compared with $182.8 million in the year-ago period.
As of June 30, Oura had more than five million paid subscribers. It sold approximately 3.6 million rings in the past year and said it had gathered nearly 42 billion hours of physiological data. Its weighted-average 12-month membership retention rate is approximately 85%.
The Oura Ring 5 sells for $399, rising to $499 for premium finishes. US membership plans cost $5.99 a month or $69.99 a year. The pricing combines an upfront purchase with continuing membership payments.
Oura is expected to seek a $16 billion valuation and was looking to raise $3 billion in the expected offering. The company was valued at around $11 billion in October of last year. Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co., and Jefferies Financial Group are managing the deal.
Fidelity Management and Research, Forerunner Ventures, Bedford Ridge Capital, and Lifeline Ventures each hold stakes of 5% or more. Oura submitted a draft IPO prospectus to the Securities and Exchange Commission confidentially in May.
The public filing follows a period of rapid expansion. Oura grew from $500 million in revenue in 2024 to projected revenue approaching $2 billion in 2026. The listing comes as health-tracking wearables have become more widely used, while the privacy and accuracy of consumer health data have faced closer scrutiny.
Oura also faces a proposed class-action lawsuit alleging that its ring cannot accurately measure sleep stages. Further details of the case were not provided in the filing material described. The company has yet to disclose the number of shares to be offered, the IPO price range or the timing of the offering.
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