The smart ring circuit ushered in a major listing: Oura (OURA.US) plans to raise US$2.2 billion in an IPO, with a maximum valuation of US$14.1 billion

The Zhitong Finance App learned that health and fitness smart ring manufacturer Oura and some of its shareholders are seeking to raise up to $2.2 billion through an initial public offering (IPO).

The smart ring maker's products track metrics such as heart rate health, activity, and sleep. The company plans to sell 50 million shares at a price of $40 to $44 each, according to its filing with the US Securities and Exchange Commission (SEC) on Monday. Of these, the company will sell 13.5 million shares, and existing shareholders will sell 36.5 million shares.

Based on the upper limit of the issue price range, based on the number of tradable shares listed in the file, the company's market value will reach US$141 billion. By comparison, the Finnish company was valued at around $11 billion after completing the $875 million Series E round in 2025.

Oura rings have become increasingly popular in recent years as consumers want a lighter way to track health metrics than smartwatches — smartwatches usually require charging almost every day.

According to the documents, the company was founded in 2013 and has offices in Oulu, Finland, Helsinki, and San Francisco, San Diego, and Los Angeles. Over the past year, it has sold around 3.6 million smart rings.

Users interact with the ring through an app that tracks health information and is equipped with Oura Advisor's AI assistant. The rings are available in a variety of colors, including gold, silver, and deep rose, and the Oura Ring 5 is priced at $399 each, and the premium finish is $499.

The company also offers an Oura Membership subscription service, which allows users to track more than 50 health metrics and receive personalized insights on nutrition, fertility planning, treatment, and medication monitoring. As of June 30, the service had more than 5 million paid members, according to the documents. The US plan is priced at $5.99 per month or $69.99 per year.

According to the documents, in the nine months up to June 30, the company's net loss attributable to shareholders was US$924.3 million, and revenue was US$1.21 billion; compared with net loss of US$182.8 million and revenue of US$697.6 million for the same period last year. The file shows that these losses include an impact on “deemed dividends” (deemed dividends) accrued by holders of certain redeemable convertible preferred shares.

This year, IPO investors placed big bets on new technology companies: billionaire Elon Musk's rocket, satellite, and artificial intelligence company SpaceX set the biggest IPO record in history with a $86.2 billion listing; South Korean memory chip manufacturer SK Hynix raised $265 billion by issuing American Depositary Receipts (ADR) in July, setting the record for the largest initial listing of a foreign company in the US.

The document lists Fidelity Management & Research, Forerunner Ventures, Bedford Ridge Capital, and Lifeline Ventures as investors holding 5% or more of the shares.

Documents show that Goldman Sachs, Morgan Stanley, J.P. Morgan Chase, Allen & Co. Jefferies and Jefferies Financial Group will co-lead this launch. The company's stock is expected to be traded on the NASDAQ Global Select Market under the symbol OURA.