Oura Health Oy has filed confidentially for a U.S. initial public offering that could raise up to $3 billion, valuing the smart ring maker at more than $16 billion. The company, which previously secured an $11 billion valuation in its $875 million Series E round last September, is targeting a listing as early as September.
The underwriting group includes Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co., Allen & Co., and Jefferies Financial Group Inc. Oura’s ring-based device competes with larger wearables by offering discrete health, fitness, and sleep tracking without the bulk of smartwatches.
The IPO filing, made in May, follows the rapid expansion of the wearables market, where competitors such as Samsung Electronics Co. and Apple Inc. have introduced or developed AI-powered alternatives. Samsung launched its own smart ring two years ago, while Apple is advancing a range of wearable technologies.
