A small, unassuming ring that quietly tracks sleep, stress and heart health is about to make some very loud noise on Wall Street. Fitness-tracking ring maker Oura has filed plans with the U.S. Securities and Exchange Commission for an initial public offering that could raise roughly $2.5 billion, according to a Thursday filing.

Where and How Oura Plans to List

The San Francisco-based company hasn't yet disclosed how many shares it plans to offer or at what price range, but IPO research firm Renaissance Capital estimates Oura could raise more than $2.5 billion once it hits public markets. The company intends to list its shares on the Nasdaq under the ticker symbol OURA.

The Legal Teams Guiding the Offering

Latham & Watkins LLP advised Oura on the filing, while Simpson Thacher & Bartlett LLP is advising the underwriters handling the offering.

From Finland to a Global Wellness Brand

Oura was founded in Finland back in 2013, and has since built its business around delivering personalized health data, insights and guidance through its signature smart ring. The device tracks a range of metrics for users, including sleep quality, physical activity, stress levels and heart health, according to the company's SEC filing.

The Company's Founding Vision

"We saw a need for technology that could accurately reveal how the body responds to the demands of everyday life. Not another screen competing for attention, but a seamless way to make what matters most more visible. That belief led us to pioneer the smart ring, bringing continuous health insights into daily life," the company said in its filing. "We set out to transform personal health by empowering people to recognize meaningful changes earlier, make more informed decisions, and improve long-term health outcomes."

A Valuation That's Already Climbed Fast

Oura's path to this IPO comes after a striking valuation jump. In October, the company revealed it had reached an $11 billion valuation after securing $900 million in a funding round led by Fidelity Management & Research Co. That round also drew participation from new investor Iconiq, along with contributions from Whale Rock Capital Management LLC and Atreides Management LP — a roster of backers signaling substantial institutional confidence in the company's growth trajectory even before going public.

Where the IPO Proceeds Will Go

Oura told regulators it plans to direct the net proceeds from the offering toward general corporate purposes, including technology development, working capital, operating expenses and capital expenditures — the kind of broad allocation typical of a growth-stage company preparing to scale further as a public entity.

The Full Legal Team Behind the Filing

The Latham & Watkins team advising Oura was led by Marc Jaffe, Alison Haggerty and Sandy Kugbei. The Simpson Thacher & Bartlett team advising the underwriters was led by David Azarkh, Heidi Mayon and Karen Reyes.