Smart ring maker Oura is seeing strong investor interest ahead of its planned Nasdaq debut, with orders for its initial public offering reportedly running at around four times the number of shares available.

Oura and its existing shareholders are offering 50 million shares priced between approximately A$57 and A$62 each, putting the potential value of the IPO at up to around A$3.1 billion.

The company itself plans to sell 13.5 million shares, while existing investors including Forerunner Ventures and Lifeline Ventures are offering another 36.5 million shares.

Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co. and Jefferies are leading the offering.

The level of demand comes despite an uneven period for US IPOs, with several companies recently delaying their own listings because of market conditions.

If Oura prices at the top end of the proposed range, the smart ring company would enter the market with an estimated value of around A$20 billion. Including stock options and restricted share units, its fully diluted valuation would climb to roughly A$21.3 billion.

The IPO is scheduled to be priced on 29 September, with Oura expected to trade on the Nasdaq Global Select Market under the ticker symbol OURA.

The listing represents a major milestone for the wearable technology company, which has built its business around its health-tracking smart ring. Oura has expanded beyond sleep and activity monitoring in recent years, adding features spanning heart health, stress, recovery and broader wellness tracking.

Strong demand for the offering suggests investors are continuing to show interest in the growing wearable health technology market, even as conditions for new public listings remain unpredictable.