Illustration: Aïda Amer/Axios
Smart ring maker Oura on Monday disclosed that it's seeking to raise up to $2.2 billion in its IPO.
Why it matters: This offering could be a referendum on whether wearables will be viewed more as health care devices or consumer electronics.
By the numbers: Oura plans to sell 50 million shares at $40 to $44 per share.
- At the midpoint, it would raise $2.1 billion and have a $13.48 billion market cap.
- The Finland-based company reports $61 million of net income on $1.2 billion of revenue for the first nine months of 2026, versus $1 million on $697 million for the year-earlier period.
- It has raised over $1.5 billion in VC funding from firms like Fidelity (10.9% pre-IPO stake), Forerunner Ventures (9.3%), Bedford Ridge Capital (9.2%), and Lifeline Ventures (7.3%). This past February it completed a $534 million tender offer.
Look ahead: Oura is likely to list next week on the Nasdaq under ticker symbol "OURA."
