Oura is moving closer to the public markets after building one of the most recognizable companies in consumer health wearables. The smart ring maker has confidentially submitted a draft registration statement for a proposed initial public offering, giving the $11 billion company a path toward a listing as investor interest returns to high-growth technology offerings. The company has not yet disclosed the number of shares it plans to offer or the expected price range.
The filing comes after a period of rapid growth for Oura. According to CNBC, the company is on track to surpass five million paid members this quarter and has increased total revenue fourfold over the past two fiscal years. Oura was valued at $11 billion in October after a $900 million Series E round and has raised more than $1.5 billion in total funding.
Oura’s ring has expanded beyond sleep tracking into broader health and wellness insights, including activity, stress, readiness, women’s health, and heart health. The company says it supports millions of members worldwide and works with more than 1,200 partners across wellness, medicine, research, and commercial organizations. Its growth has helped make the ring format a major part of the wearables market, even as Apple, Garmin, Google Fitbit, and Whoop compete for health-focused consumers.
