The smart ring sector welcomes a major listing: Oura (OURA.US) plans an IPO to raise $2.2 billion, with a valuation of up to $14.1 billion.

Health and fitness smart ring maker Oura and some of its shareholders are seeking to raise up to $2.2 billion through an initial public offering (IPO). The smart ring maker, whose products track metrics such as heart health, activity and sleep, plans to offer 50 million shares at $40 to $44 each, according to a filing with the U.S. Securities and Exchange Commission (SEC) on Monday. Of those, the company will sell 13.5 million shares, while existing shareholders will sell 36.5 million shares. At the top of the offering range, based on the number of shares outstanding listed in the filing, the company would reach a market value of $14.1 billion. By comparison, the Finnish company was valued at about $11 billion after completing an $875 million Series E funding round in 2025. Oura's rings have grown increasingly popular in recent years as consumers look for a lighter way than smartwatches which typically need charging almost daily to track health metrics. The company, founded in 2013, has offices in Oulu and Helsinki, Finland, as well as San Francisco, San Diego and Los Angeles, according to the filing. It sold about 3.6 million smart rings over the past year. Users interact with the ring through an app that tracks health information and features the Oura Advisor AI assistant. The rings come in a range of colors including gold, silver and dark rose, with the Oura Ring 5 priced at $399 each and premium finishes at $499. The company also offers an Oura Membership subscription, through which users can track more than 50 health metrics and receive personalized insights on nutrition, conception and fertility planning, and treatment and medication monitoring. As of June 30, the service had more than 5 million paying members, according to the filing. U.S. plans are priced at $5.99 per month or $69.99 per year. For the nine months ended June 30, the company's net loss attributable to shareholders was $924.3 million on revenue of $1.21 billion, compared with a net loss of $182.8 million on revenue of $697.6 million a year earlier, the filing showed. The losses include the impact of a "deemed dividend" accrued to holders of certain redeemable convertible preferred stock, according to the filing. IPO investors have made big bets on new tech companies this year: Billionaire Elon Musk's rocket, satellite and AI company SpaceX set the record for the largest-ever IPO with an $86.2 billion listing, while South Korean memory chip maker SK Hynix raised $26.5 billion in July through an offering of American depositary receipts (ADRs), the largest-ever U.S. first-time listing by a foreign company. The filing lists Fidelity Management & Research, Forerunner Ventures, Bedford Ridge Capital and Lifeline Ventures as investors holding 5% or more. Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co. and Jefferies Financial Group will jointly lead the offering, according to the filing. The company's shares are expected to list on the Nasdaq Global Select Market under the ticker symbol OURA.