Key facts
- Oura plans to raise up to $2.2 billion in its upcoming IPO.
- Existing shareholders will sell 36.5 million shares, while Oura will offer 13.5 million shares.
- If priced at $42 per share, shareholders would receive $1.53 billion and Oura $567 million before fees.
- Forerunner Ventures plans to sell its 9.3% stake for about $1.20 billion at $42 per share.
- Oura will use most of its proceeds to pay tax obligations on employee share grants.
- Oura expects to have about 5.7 million paying members by the end of its fiscal year on September 30.
Smart ring maker Oura is preparing for an initial public offering with the aim of raising as much as $2.2 billion. However, the majority of the funds raised will go to existing shareholders rather than the company itself. Oura and its shareholders are offering a combined 50 million shares, with shareholders selling 36.5 million shares, representing almost two-thirds of the total offering.
If Oura's shares are priced at the midpoint of the $40 to $44 range, approximately $1.53 billion would go to shareholders and $567 million to the company before fees. Forerunner Ventures, Oura's second-largest shareholder, plans to sell its entire 9.3% stake, estimated at 28.7 million shares, for about $1.20 billion at the $42 midpoint.
The company intends to use most of its expected net proceeds of $532.6 million to settle accumulated tax obligations related to employee share grants that will vest upon the IPO. This leaves about $6.2 million for general corporate purposes. Oura's cash reserves stood at approximately $372 million at the end of June.
The IPO comes as Oura experiences rapid growth, with its membership business showing strong performance, including a 89% gross margin and revenue that more than doubled to $240.5 million, accounting for about 20% of total sales. Hardware revenue was $974 million. The company anticipates finishing its fiscal year ending September 30 with around 5.7 million paying members, nearly doubling from the previous year.
At the top end of its proposed price range, Oura could achieve a market capitalization of $14.1 billion. The company was previously valued at approximately $11 billion in October 2025 after raising $900 million, and had raised $200 million at a $5.2 billion valuation less than a year prior.