Oura is reportedly eyeing a September IPO that could value it at more than $16B

Oura is reportedly preparing for a U.S. IPO as early as September, aiming to raise up to $3 billion.

The smart-ring maker is said to be seeking a valuation above $16 billion.

The listing will test investor demand for a fast-growing wearable company and could reset its valuation after its latest private funding round.

A new lawsuit over sleep-tracking accuracy could add legal risk ahead of the offering.