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Oura filed a draft IPO prospectus with the U.S. Securities and Exchange Commission on Thursday, moving the smart ring maker closer to a public listing as its membership base and revenue continue to grow.
No timeline was given for the public offering; Oura said it would move forward once the SEC finishes its review, contingent on market and other conditions. Goldman Sachs $GS +0.87%, Morgan Stanley $MS +0.26%, JPMorgan $JPM +1.12% Chase, Allen & Co., and Jefferies Financial Group are among the banks lined up to manage the listing, and a public debut is targeted for later this year, Bloomberg reported. Oura has not yet set the share count or offering price.
Last October's Series E round, which brought in $900 million, pushed Oura's valuation to $11 billion. The company has raised more than $1.5 billion in total. Speaking to CNBC in November, Hale projected that 2026 sales could approach $2 billion, building on what he said was a trajectory toward $1 billion in 2025 revenue — twice what the company recorded in 2024.
Paid membership is expected to exceed five million this quarter, quadrupling from where it stood two years ago; over that same span, total revenue has likewise grown fourfold, the company said. Cumulative ring sales have topped 5.5 million, more than doubling the 2.5 million units the company reported having sold through June 2024.
