Oura Files for Initial Public Offering

Health-tracking ring maker Oura has confidentially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission, seven months after securing a $900 million investment that boosted its valuation to around $11 billion.

The company, founded in Finland in 2013, submitted a draft registration statement on Form S-1 for SEC review and said in a statement that the number of shares to be offered and the price range for the offering have yet to be determined.

Oura has moved beyond its initial focus on health tracking since launching in March 2015 at the San Francisco Launch Festival.

They have since moved into women’s health, stress, heart health, activity and movement, and metabolic health tracking, and now has more than 750 global employees and millions of Oura Ring members.

Oura announced this month that it is on pace to surpass five million paid members in the second quarter of this year, up four times over the past two years.

The company drove more than four times growth in total revenue over the past two fiscal years while investing its gross profit back into its business.

Expansion and Partnerships

Oura has added numerous health features to its offerings over the last year, including birth control support and menopause insights, a women’s health AI model powered by biometric data, and pregnancy and perimenopause offerings.

They have also announced partnerships with numerous organizations, including sleep health company Resmed, the U.S. Department of Defense, at-home hormone tracking company Mira, employer-focused global fertility company Carrot and New York-based virtual women’s health provider Maven Clinic.

In 2024, the company partnered with continuous glucose monitoring company Dexcom, which also made a $75 million strategic investment in the ring maker.

Strategic Partnerships

The strategic partnership enabled two-way data flow between Dexcom’s continuous glucose monitor and the Oura Ring, which is a key aspect of health technology.

Last year, Oura and Dexcom expanded their partnership to provide Dexcom’s Stelo users and Oura’s ring wearers with metabolic health features, including meal insights and glucose data.

Oura closed a $200 million Series D funding round in 2024, led by Fidelity Management & Research Company and Dexcom, raising its valuation to $5.2 billion, and it is now exploring the world of digital entertainment.

It is reported that the number of Oura Ring members has been growing rapidly, with the company expecting to surpass five million paid members in the second quarter of this year.

The company’s ring is now available in more than 4,600 retail locations worldwide and it partners with over 1,200 organizations across health, wellness and commercial brands.

A neutral outside perspective suggests that the company’s growth and expansion into new areas of health tracking may be a key factor in its decision to go public.

The IPO is expected to take place after SEC review, subject to market and other conditions.