One signal

Smart-ring maker Oura and some of its backers are seeking to raise as much as $2.2bn in a US initial public offering, according to Bloomberg.

Why it matters

The move would put a prominent wearable-health company in front of public-market investors, giving them a chance to price a business built around a small piece of hardware and a large stream of personal health data. The supplied report does not establish the final deal size, valuation, timing or how much Oura itself would raise. For now, it is a proposed flotation rather than a completed transaction, which is finance’s polite way of saying the numbers still have room to misbehave.

Discuss: Should public investors value Oura mainly as a hardware maker, or as a health-data subscription business with a ring attached?

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