Oura smart ring IPO could raise $3 billion at $16 billion valuation

Corporate Action

โดย Bloomberg·

Summary · why it matters

Oura Health Oy is seeking to raise as much as $3 billion in a U.S. IPO that could value the smart ring maker at more than $16 billion, according to Bloomberg. The offering could take place as soon as September, and existing investors are expected to sell a significant portion of stock in the deal. A $16 billion valuation would represent a substantial increase from the $11 billion figure assigned to Oura last September, when the company closed an $875 million Series E round. Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co., and Jefferies Financial Group are managing the listing, according to Bloomberg. Oura filed a draft IPO prospectus with the Securities and Exchange Commission in May, moving toward a public listing as its revenue and membership base grew. Oura brought in $500 million in revenue in 2024 and has projected that figure will climb to roughly $1.5 billion by 2026, a threefold increase, the company said. Paid membership is expected to exceed five million this quarter, and cumulative ring sales have topped 5.5 million units. Founded in 2013 and headquartered in San Francisco and Finland, Oura makes rings that track health metrics including sleep, stress, and recovery. An Oura listing would place it among a broader rush of companies aiming to complete their public debuts ahead of November's midterm elections. The IPO push comes as Oura faces competitive and legal pressure. Samsung introduced its own ring two years ago, and rival fitness band maker Whoop carries a valuation of $10.1 billion. On the legal front, a proposed class-action lawsuit filed last week in U.S. District Court in California charges that Oura has deceived buyers about how reliably its rings assess sleep, with plaintiffs arguing that pinpointing discrete sleep stages demands electrode-based clinical testing that a wearable ring cannot perform. Oura pushed back on the suit. "We dispute the allegations in this complaint and intend to defend against them in the appropriate legal forum," a company spokesperson said in a statement. The company further stated that its sleep-staging technology "has been validated and compared favorably in multiple studies against polysomnography, the gold standard," and that "[m]ultiple third-party, independent studies support our claims of accuracy." Oura has also been building out its AI capabilities ahead of the offering, naming its first chief information officer and first senior vice president of AI and software engineering earlier this month.