Health tracking ring maker Oura announced the launch of its initial public offering on Monday. The company is looking to raise $2.2 billion at the higher end by selling 50 million shares priced between $40 and $44.
The firm said it has applied to be traded on the Nasdaq under the ticker symbol OURA.
Founded in Finland, Oura sells its Oura Ring 5 for between $399 and $499. Company revenue in the nine months ending June 30 was $1.2 billion, up from $697 million in the same period last year. Oura saw a net loss of $924 million.
The company said it sold 4.1 million Oura Rings in the nine months ending June 30, up from 1.8 million in the same period last year.
Oura’s subscription service, which costs $5.99 per month, had 5 million paid members as of June 2026. According to the company, 72% of its members are women, and 27% are over age 45.
The company competes in the health-tracking wearables market alongside the likes of Fitbit and the Apple (AAPL) Watch. The Oura Ring, however, is part of a class of screenless wearables, like the Whoop tracker, designed for consumers seeking devices less distracting than those with screens that constantly ping them with notifications.
Other companies have also jumped on the ring-style bandwagon, including consumer electronics giant Samsung (005930.KS).
Oura’s special sauce is the data it captures and provides via its app. That includes information on sleep, activity, readiness, stress, heart health, metabolic health, and women’s health.
And because the Oura Ring lacks a screen, it can run for roughly a week without needing a recharge.
Email Daniel Howley at dhowley@yahoofinance.com. Follow him on Twitter at @DanielHowley.
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