The creator of Zuckerberg's favorite smart rings plans to go public with a valuation of $15.6 billion

Oura, a Finnish manufacturer of smart rings, has announced the terms of its initial public offering (IPO) on Nasdaq. The company plans to offer 50 million shares at a price ranging from $40 to $44 per share. Thus, at the upper end of the range, Oura and its existing shareholders expect to raise up to $2.2 billion, according to Reuters, and the company’s valuation will be $15.62 billion.

The agency reports that the IPO could take place next week.

Of the total 13.5 million shares, Oura itself will issue 13.5 million, while existing shareholders will offer another 36.5 million. At an IPO price of $44 per share, the company could raise up to $594 million before commissions and other expenses, according to a statement from the smart ring manufacturer. The underwriters will also have a 30-day option to purchase an additional 7.5 million shares.

Oura plans to list on the Nasdaq under the ticker symbol OURA. The lead underwriters for the offering include Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Company, and Jefferies.

Approximately 25% of Oura's shares prior to the IPO are held by its founders and a number of employees, while the company's institutional investors include The Chernin Group, Forerunner Ventures, MSD Capital, and Lifeline Ventures.

The offering could take place as early as this month, according to The Wall Street Journal (WSJ). The company’s valuation could exceed $11 billion—the same valuation the smart ring manufacturer achieved during a funding round last year, the newspaper previously reported, citing sources.

A spokesperson for Oura declined to comment to Oninvest.

Oura filed for an IPO on September 3, as Oninvest previously reported. The terms of the offering had not yet been determined at that time and were announced nearly three weeks later.

At that time, Oura disclosed its financial results for the first time: for the nine months ended June 30, 2026, the company’s revenue totaled $1.21 billion—a 74% increase from the previous year. Net income rose to $60.8 million, compared with $1.6 million a year earlier. Ring sales generated $974 million, while the Oura Membership program accounted for another $240.5 million. The number of paying subscribers reached 5 million.

Oura expects to end fiscal year 2026 with approximately 5.7 million paying subscribers—a 96% increase from the previous year, according to the company's IPO filing.

Oura's business isn't limited to just manufacturing and selling smart rings, as Oninvest previously reported. The company is developing a subscription model, AI features, and health data analytics services.

One of the key risks for the company itself and its potential investors is the patent protection for Oura rings. In recent years, the company has been involved in several legal disputes with major competitors, including Samsung, Reebok, Ultrahuman, and RingConn, over the design of smart rings or methods for measuring users’ biometric data.

Oura was founded in the Finnish city of Oulu in 2013 by three engineers. The company is now headquartered in San Francisco, while its European headquarters remains in Oulu. As Oninvest reported, Oura’s smart ring is a favorite wearable gadget among many top executives, including Mark Zuckerberg, as well as celebrities such as Kim Kardashian, Gwyneth Paltrow, and Prince Harry.

This article was AI-translated and verified by a human editor