Oura filed for an initial public offering on Monday and said it wants to raise as much as $2.2 billion by selling 50 million shares priced between $40 and $44 apiece. If the deal is completed at the top of that range, the Finland-founded company would be heading to the public market with a valuation implied by the share count and price, while seeking a Nasdaq listing under the ticker OURA.
The filing gives investors a closer look at a business built around a screenless health-tracking ring that has become one of the louder challengers in wearables. Oura said revenue in the nine months ending June 30 rose to $1.2 billion from $697 million a year earlier, while ring sales climbed to 4.1 million from 1.8 million. The company also said it had 5 million paid members as of June 2026, with subscriptions costing $5.99 a month and the Oura Ring 5 selling for $399 to $499.
That growth comes with a heavy bill. Oura reported a net loss of $924 million in the same nine-month period, even as it pushed deeper into a market dominated by Fitbit and the Apple Watch and crowded by Whoop and Samsung’s ring-style devices. The company says 72% of its members are women and 27% are over age 45, a mix that helps explain why the ring has found an audience beyond the usual fitness crowd.
Oura’s pitch is simple: a ring with no screen that can run for roughly a week on a charge and feed data into an app covering sleep, activity, readiness, stress, heart health, metabolic health and women’s health. The open question now is how public-market investors will weigh that story against the losses, and whether the company uses the IPO proceeds to keep scaling the business or to shore up a balance sheet that already reflects the cost of growth.
