Oura Health Oy, the Finnish maker of the Oura smart ring, has filed confidentially for a U.S. initial public offering that could raise up to $3 billion as early as September, valuing the company at more than $16 billion.
The confidential filing was submitted in May, according to people familiar with the matter. The company’s prior valuation milestone occurred in September of the previous year, when a $875 million Series E funding round valued Oura at $11 billion.
Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co., Allen & Co. and Jefferies Financial Group Inc. are leading the underwriting syndicate for the proposed IPO. The smart ring, which tracks health, fitness and sleep metrics, offers a discreet alternative to bulkier smartwatches.
Oura’s move follows the launch of Samsung Electronics Co.’s own smart ring two years ago and Apple Inc.’s ongoing development of AI-integrated wearable devices. The company’s confidential filing precedes a formal registration statement with the U.S. Securities and Exchange Commission.
