Oura Health Oy and some of its backers are seeking to raise as much as $3 billion in a U.S. initial public offering, according to Bloomberg, which cited people familiar with the matter. The company makes smart rings used to track health, fitness and sleep. The offering could happen as soon as September and could value Oura at more than $16 billion, Bloomberg reports. Existing investors are expected to sell a significant amount of stock in the IPO, according to the same report. The account is still sourced to people familiar with the matter rather than a company announcement in the provided material. Techmeme’s item points back to Bloomberg and repeats the same core details: up to $3 billion sought, a possible September listing, and a valuation above $16 billion. If completed on those terms, the deal would put Oura into the public markets at a reported valuation above $16 billion. The structure also matters: Bloomberg says Oura and some backers are involved in the raise, and that existing investors are expected to sell a significant amount of shares, indicating the transaction may include a meaningful secondary component. For now, the key facts remain conditional. Bloomberg’s report says the IPO could take place as soon as September; it does not say in the provided material that Oura has publicly filed, priced the deal, or confirmed the valuation. Who benefits: Oura could raise capital if the offering proceeds. Existing investors may also benefit if Bloomberg’s reported expectation of a significant stock sale is realized. Who's exposed: Prospective public investors would be exposed to a smart-ring maker whose reported IPO valuation may exceed $16 billion.