Oura, the Finnish maker of the popular smart ring, has filed for an initial public offering on the Nasdaq exchange, following a period of rapid revenue growth that has cemented its position in the wearable health technology market. The company, known for its sleek titanium rings that track sleep, activity, and recovery, is seeking to tap public markets as investor appetite for consumer health devices remains strong.
The filing did not disclose the number of shares to be offered or the expected price range, but reports suggest the company could be valued at several billion dollars. Oura has not yet set a timeline for the listing, which will depend on market conditions and regulatory approval from the US Securities and Exchange Commission.
Oura's revenue has grown sharply in recent years, driven by expanding distribution through major retailers and partnerships with healthcare providers and employers. The company has sold more than 2.5 million rings to date, and its user base has grown as consumers increasingly prioritise health monitoring. In 2024, Oura reported revenue of over $500 million, a significant jump from the previous year, according to sources familiar with the matter.
The company has also benefited from a broader trend of wearable devices moving beyond fitness tracking into medical-grade monitoring. Oura has secured regulatory clearances in the US and Europe for features that detect early signs of illness, such as body temperature changes, and has collaborated with research institutions on studies linking sleep patterns to health outcomes.
Founded in 2013 in Oulu, Finland, Oura initially struggled to gain traction but found its niche with a design-focused product that appealed to tech-savvy consumers and athletes. The company has raised more than $300 million from investors including Foris Ventures, MSD Capital, and Temasek, and counts celebrities and professional sports teams among its clients.
The IPO comes at a time when the wearable health market is becoming increasingly competitive, with rivals such as Apple, Samsung, and Whoop vying for market share. Oura's focus on a dedicated health ring, rather than a multi-purpose smartwatch, has differentiated it in a crowded field. The company has also expanded its software ecosystem, offering personalised insights and coaching based on biometric data.
Analysts note that Oura's success will depend on its ability to maintain growth as competition intensifies and as consumers become more discerning about data privacy. The company has emphasised its commitment to data security, storing user information on-device and allowing users to control what is shared with third parties.
If the listing proceeds, Oura would join a wave of technology companies going public in the US, though the IPO market has been volatile in recent years. The company's founders and early investors stand to benefit from the listing, which could provide liquidity and fund further expansion into new markets and product lines.