Oura, the smart ring maker, filed for a US initial public offering that could raise up to $3 billion and value the company above $16 billion.
The filing reveals the company generated $1.21 billion in revenue for the nine months ended June 30, with a net loss attributable to stockholders of $924.3 million. The loss widened sharply due to a deemed dividend recorded in the period.
Oura positions its rings as a lighter, longer-lasting alternative to smartwatches. The devices monitor sleep, activity and stress through more than 50 health metrics. The company derives recurring revenue from an Oura Membership subscription, supplementing hardware sales.
Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen Co. and Jefferies Financial Group will lead the offering. Oura plans to list on the Nasdaq Global Select Market under the ticker OURA.
Founded in 2013, the company has sold more than 3.6 million rings in the last year. It operates from offices in Oulu, Finland; Helsinki; San Francisco; San Diego; and Los Angeles.
This week, Oura added Netflix and Robinhood Markets veterans to its board ahead of its public debut.
The IPO tests investor appetite for consumer hardware companies with subscription-based business models. Unlike pure-play consumer electronics, Oura's economics hinge on converting one-time buyers into long-term membership subscribers—a shift that requires the company to demonstrate durable unit economics and predictable churn rates.
