Smart ring track welcomes a major listing: Oura (OURA.US) plans an IPO to raise $2.2 billions, with a maximum valuation of $14.1 billions

According to Zhihu Finance APP, health and fitness smart ring manufacturer Oura and some of its shareholders are seeking to raise up to $2.2 billion through an initial public offering (IPO).

This smart ring manufacturer’s products can track indicators such as heart rate health, activity, and sleep. According to documents filed with the U.S. Securities and Exchange Commission (SEC) on Monday, the company plans to offer 50 million shares at a price of $40 to $44 per share. Of these, the company will sell 13.5 million shares, while existing shareholders will sell 36.5 million shares.

At the upper end of the offering price range, based on the number of outstanding shares listed in the document, the company’s market value would reach $14.1 billion. By comparison, the Finnish company was valued at about $11 billion after completing an $875 million Series E financing round in 2025.

In recent years, Oura rings have become increasingly popular as consumers look for a lighter way to track health metrics than smartwatches, which typically need to be charged almost daily.

The documents show that the company was founded in 2013 and has offices in Oulu and Helsinki, Finland, as well as San Francisco, San Diego, and Los Angeles. Over the past year, it sold about 3.6 million smart rings.

Users interact with the ring through an app that tracks health information and includes the Oura Advisor AI assistant. The rings are available in multiple colors, including gold, silver, and deep rose. The Oura Ring 5 is priced at $399 each, while the premium finish model costs $499.

The company also offers an Oura Membership subscription service, allowing users to track more than 50 health metrics and receive personalized insights on nutrition, conception and fertility planning, and treatment and medication monitoring. The documents show that as of June 30, the service had more than 5 million paying members. U.S. subscription pricing is $5.99 per month or $69.99 per year.

The documents show that for the nine months ended June 30, the company’s net loss attributable to shareholders was $924.3 million, with revenue of $1.21 billion; for the same period last year, the net loss was $182.8 million with revenue of $697.6 million. The documents indicate these losses include the impact of “deemed dividend” charges accrued to certain redeemable convertible preferred shareholders.

This year, IPO investors have made big bets on new technology companies: billionaire Elon Musk’s rocket, satellite, and artificial intelligence company SpaceX set an all-time record for the largest IPO with a listing size of $86.2 billion; in July, Korean memory chip maker SK Hynix raised $26.5 billion through the issuance of American Depositary Receipts (ADR), marking the largest IPO for a foreign company in the United States.

The documents list Fidelity Management & Research Company, Forerunner Ventures, Bedford Ridge Capital, and Lifeline Ventures as investors holding 5% or more stakes.

The documents show that Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co., and Jefferies Group will jointly lead this offering. The company’s stock is expected to trade on the Nasdaq Global Select Market under the ticker symbol OURA.