Smart ring maker Oura Health has confidentially filed for a US initial public offering (IPO) as the wearables market continues to grow rapidly.
The Finnish health technology company confirmed that it submitted IPO paperwork to the US SEC, although it has not yet disclosed the number of shares or price range.
It plans to go public later this year with support from major banks, including Goldman Sachs, Morgan Stanley, and JPMorgan Chase.
Founded in 2013, Oura has become popular for its smart rings that track sleep, fitness, and health data through smartphone apps. It reached an $11 billion valuation last year after raising $875 million in funding.
CEO Tom Hale said Oura has sold 5.5 million rings so far. The company expects revenue to hit $1.5 billion in 2026, up sharply from $500 million in 2024, as demand for wearable technology and screen-less health trackers rises.