Smart ring manufacturer Oura has formally submitted its initial public offering paperwork to the U.S. Securities and Exchange Commission, with the transaction potentially raising more than $2.5 billion. The company intends to list on the Nasdaq exchange under the ticker symbol "OURA."

Founded in 2013 and headquartered in San Francisco, California, Oura markets a sensor-equipped ring worn on the finger that monitors sleep, physical activity, stress levels, cardiac function, and women's health metrics. The device pairs with a companion application that converts the collected data into more than 50 health indicators alongside AI-generated wellness recommendations.

Oura distributes its products through direct-to-consumer channels and roughly 8,400 retail locations, while also expanding its membership base via employers, government entities, and healthcare partnerships. As of June 30, 2026, the company had amassed 5 million paying subscribers across 56 global markets, representing a year-over-year increase of 100%. The 12-month retention rate for paying members stands at approximately 85%.

In the twelve months ending June 30, 2026, the company generated $1.4 billion in revenue. During the first nine months of fiscal 2026, hardware sales accounted for 80% of total revenue, with the remaining 20% derived from recurring membership subscriptions that unlock comprehensive health analytics features.

Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Company, Jefferies, BofA Securities, Barclays, Wells Fargo Securities, Citizens JMP, KeyBanc Capital Markets, Guggenheim Securities, Canaccord Genuity, Needham & Co., Raymond James, Rothschild, Truist Securities, and William Blair are serving as joint book-running managers for the offering. Notably, Robinhood Securities has been designated as a co-manager, signaling that Oura shares are likely to be made available to retail investors through its brokerage application.