Oura is targeting a September listing that would raise up to $3bn and value the smart ring maker at more than $16bn, according to Bloomberg, several months after the Finnish company filed confidentially for a US IPO.
The mark would be a sharp step up from the $10.9bn valuation it carried last September, in a category that has been taking ground from the Apple Watch for two years.
A significant portion of the offering is expected to come from existing shareholders selling rather than from new capital. That detail matters for how the listing should be read, since a large secondary component makes an IPO partly a liquidity event for early backers rather than purely a fundraising.
Those backers have been well served. Oura closed an $875mn Series E last September with Fidelity, ICONIQ, Whale Rock, and Atreides participating, alongside earlier investors including Dexcom and Coatue.
The company now employs more than 900 people across offices in San Francisco and Finland, having grown out of a narrow original audience. Its earliest customers were quantified-self enthusiasts and biohacking executives, and its current pitch is sleep and recovery tracking for people who simply want to know why they feel tired.
