What Oura is selling
Oura makes smart rings that monitor sleep, health and fitness, pitching them as a lighter, less battery-hungry alternative to a smartwatch. The rings are marketed as promise bands and come in familiar finishes like gold, silver and deep rose. The company also sells Oura Membership, which unlocks personalized insights across more than 50 health metrics spanning sleep, activity and stress.
The numbers in the filing
Across the first nine months of the year through June 30, Oura reported $1.21 billion in revenue and posted a net loss attributable to stockholders totaling $924.3 million. In the same period the prior year, revenue totaled $697.6 million and the net loss was $182.8 million. The company said those losses reflect the impact of a deemed dividend owed to certain investors holding the company's redeemable convertible preferred stock.
Who is behind the IPO and what's next
Founded in 2013, Oura operates from offices in Oulu, Finland; Helsinki; San Francisco; San Diego; and Los Angeles. This week it expanded its board with veterans from Netflix Inc. and Robinhood Markets Inc. Bloomberg News reported the deal could bring in up to $3 billion for Oura and some backers, with a valuation topping $16 billion. Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co., Allen & Co. and Jefferies Financial Group Inc. will head up the offering. The shares are slated to trade on the Nasdaq Global Select Market with the ticker OURA.
IPO investors this year have leaned into new tech names. The listing of Elon Musk's SpaceX set a record for size, and in July, SK Hynix Inc. pulled in $26.5 billion via American depositary shares, representing the largest US debut ever by a foreign company.
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Why this matters to your money
Oura says it sold more than 3.6 million rings in the last year, suggesting steady demand for wearables that are not watches. If this deal prices and trades smoothly, it will be a fresh read on how much investors still want fast-growing consumer tech that pairs hardware with subscriptions.
