Finnish wearable technology company Oura Health Oy plans to raise up to $3 billion in a U.S. initial public offering, seeking a valuation exceeding $16 billion. The company, known for its discreet ring-based health and sleep tracking device, could list as early as September, according to sources familiar with the matter.
Oura submitted a confidential IPO filing in May, following its last reported valuation of $11 billion in September 2024. That valuation followed an $875 million Series E funding round, which underscored investor confidence in the company's growth trajectory. Existing backers are expected to sell a significant portion of their holdings in the offering, though final terms remain subject to change.
The underwriting syndicate for the IPO includes Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co., Allen & Co. and Jefferies Financial Group Inc. The company operates in a competitive wearable market, where rivals such as Samsung Electronics Co. and Apple Inc. have also introduced or are developing smart ring and AI-powered wearable technologies.
Oura's IPO plans come amid heightened investor scrutiny of health-focused consumer technology companies, with the Finnish firm positioning itself as a leader in discreet, continuous health monitoring through its ring-based platform.
