Oura, the Finnish-founded smart ring maker, has taken its first formal step toward a US stock market listing, joining a growing queue of technology companies heading for public markets.
The wearables company said yesterday it has confidentially filed registration papers with the US Securities and Exchange Commission, a process that allows companies to prepare an IPO behind closed doors before publicly revealing financial details.
The move marks a notable shift in tone from last autumn, when Chief Executive Tom Hale told Yle that Oura had no concrete timetable for going public. At the time, the company had just completed a record €776 million funding round that valued the business at roughly €9.5 billion.
The timing now looks more deliberate than sudden. Earlier this year, Oura moved its headquarters to Delaware, the corporate home of much of the listed America because of its business-friendly legal framework. In practice, Oura’s leadership and commercial operations have already been heavily US-centered for years, even as the company continued to lean on its Finnish identity and engineering roots.
The IPO filing also arrives as investor appetite for technology listings returns after a muted period for public offerings. Oura is part of a broader rebound in tech IPO activity. Elon Musk’s SpaceX filed an IPO prospectus this week, while ChatGPT maker OpenAI is reportedly preparing its own listing plans.
Oura has become one of the few European consumer technology companies to break into the global wearables market at scale. The company says it has sold more than 5.5 million rings, with revenue expected to climb sharply this year as consumers increasingly favor lighter health tracking devices over traditional smartwatches.
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