Oura files for Nasdaq IPO seeking $2.2 billion

Oura, the Finnish health-tracking ring manufacturer, has announced plans for an initial public offering on the Nasdaq. The company aims to raise up to $2.2 billion by selling 50 million shares at a price range of $40 to $44 per share. Based on the upper end of this range, the company's fully diluted valuation is estimated at approximately $15.62 billion.

The company reported significant revenue growth, reaching $1.2 billion for the nine months ending June 30, compared to $697 million during the same period the previous year. While one report noted a net loss, another indicated a net profit of $60.8 million for the same period. Oura's business model combines hardware sales, such as the Oura Ring 5, with a monthly subscription service that reached 5 million paid members as of June 2026.

Oura competes in the wearable technology market against companies like Apple, Fitbit, and Samsung, positioning itself as a screenless alternative focused on data-driven insights regarding sleep, stress, and metabolic health.