On September 3 (local time), Oura, a smart ring manufacturer, submitted an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC), thereby officially kicking off the initial public offering (IPO) process. Goldman Sachs and other institutions are acting as the joint lead underwriters for this IPO. Established in Finland in 2013, Oura is dedicated to crafting smart rings that can effortlessly monitor vital health indicators. In 2015, Oura successfully secured funds through crowdfunding. By 2018, it had built a strong brand image among high-end consumers by enlisting celebrity endorsements and then shifted to a 'hardware + subscription' business model. As of September 2025, Oura has sold a cumulative total of 5.5 million smart rings, securing the top spot in the global smart ring market with a 74% market share in the first half of 2025. It is projected to achieve sales nearing $2 billion in 2026. With its market performance on the rise, Oura's valuation in the primary market has also continued to climb. This IPO aims to raise up to $3 billion in capital, with a valuation that could surpass $16 billion. However, Oura is also grappling with a user trust crisis, including class-action lawsuits sparked by issues such as automatic renewals and the accuracy of sleep stage tracking. At the same time, it must also contend with competitive pressure from tech behemoths like Samsung and Apple.