Smart ring maker Oura has filed documents related to an initial public offering with the U.S. Securities and Exchange Commission, beginning the listing process. As Oura, which has continued to grow in the wearable market, pushes to enter public markets, some observers say the smart ring industry may be entering a phase of full-scale investor testing.

According to IT outlet Engadget on May 21 local time, Oura is proceeding with the IPO process with major investment banks including Goldman Sachs, Morgan Stanley and JPMorgan Chase. A specific listing schedule has not yet been disclosed, but people inside the company see a strong possibility the listing will take place within this year.

Oura is a Finland-based wearable company founded in 2013 that became known for a health management device in the form of a smart ring worn on a finger. After a recent $875 million fundraising, its valuation was assessed at about $11 billion, reports said.

The company has been accelerating preparations for a listing based on rapid sales growth and rising revenue. Tom Hale (톰 헤일), Oura's chief executive officer, said cumulative smart ring sales reached 5.5 million units as of last year. He also said he expects annual revenue to increase to about $1.5 billion this year. That is about three times the 2024 results.

Oura has grown in a wearable market centered on smartwatches with a differentiated strategy of a ring-type device. In particular, its latest product, the Oura Ring 4, was assessed as integrating various functions such as sleep tracking, heart-rate measurement and activity analysis into a small form factor. Some reviews also said it showed a level of completeness a step ahead of competing products.

Some in the market see Oura's IPO push as an example that could show trends in the wearable market itself, beyond the listing of a single company. In the tech industry recently, listing moves by large private companies have become active again. The original report said OpenAI has been mentioned as possibly listing as early as September, and SpaceX is also taking steps for a Nasdaq listing.

As the wearable market combining health data and artificial intelligence expands, Oura's valuation in public markets is also in focus. Key points to watch going forward include whether smart rings can establish themselves as a new category in a smartwatch-centered market, and whether Oura's high-growth outlook will translate into actual results.