Smart ring maker Oura Health and some of its investors are seeking to raise as much as $3 billion in a US initial public offering that could value the company at more than $16 billion, Bloomberg reported.

The offering could take place as early as September, according to people familiar with the plans.

Existing investors are expected to sell a significant amount of stock in the offering, although discussions are continuing and the terms could still change.

Oura said in May that it had confidentially filed for an IPO. The company is working with Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co. and Jefferies on the listing.

A valuation above $16 billion would represent a significant jump from Oura’s roughly $11-billion valuation following an $875-million funding round last year.

The Finnish-founded company makes the Oura Ring, a wearable device that tracks health indicators including sleep, activity and recovery.

Oura has expanded from its early niche among health and fitness enthusiasts as consumer demand for wearable health technology has grown.

The company is also facing increasing competition in the smart ring market, including from Samsung, which launched its Galaxy Ring in 2024.

The IPO plans remain subject to change.