The smart ring maker Oura has filed with the US Securities and Exchange Commission for an initial public offering (IPO). The company has an estimated valuation of around $11 billion.
Oura is reportedly collaborating with Goldman Sachs, Morgan Stanley, JPMorgan Chase, and other financial institutions to facilitate its transition from private to public company status. An insider indicated to Bloomberg that the IPO is expected to occur later this year, though a specific date has not been provided.
Founded in 2013, Oura raised $875 million in a recent funding round, contributing to its current valuation. CEO Tom Hale stated that the company has sold 5.5 million rings to date and projected revenue for the year to reach $1.5 billion, which would represent a tripling of its earnings from 2024.
Oura is the latest technology firm to initiate the IPO process, following reports of OpenAI possibly going public in September and SpaceX’s recent filing to trade under the ticker SPCX on the Nasdaq.
Oura confirmed that it submitted a draft registration with the SEC to commence the IPO process.
