Oura, the maker of smart wearable Oura Ring, filed the paperwork for its U.S. initial public offering on Thursday, revealing a revenue surge and adding to a growing list of consumer-focused companies looking to tap public markets.
The IPO market is expected to pick up steam after a summer lull. Analysts expect issuers to target the post-Labor Day window to get ahead of any uncertainty around November's midterm elections.
Oura, whose journey began more than a decade ago in Oulu, Finland, makes a smart ring that tracks key health indicators such as heart rate, sleep stages and physical activity.
The company reported a net income of $60.8 million for the nine months ended June 30, compared with $1.6 million in the same period a year earlier. Revenue jumped 74% to $1.21 billion.
Oura has reshaped the wearables industry and grown rapidly in recent years as consumers increasingly embrace smart rings that can provide personalized health insights.
In May, it unveiled the fifth generation of its smart ring, which is 40% smaller than the previous version.
The firm last year raised over $900 million in a funding led by Fidelity Management & Research Company at a roughly $11 billion valuation.
Oura's original name was Jouzen, based on joutsen, the Finnish word for swan, the country's national bird.
Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen and Co and BofA Securities are among the underwriters for the offering. Oura will list on the Nasdaq under the ticker "OURA."
