Oura Files for IPO, Targets Up to $2.2 Billion Raise
The smart-ring maker is going public, but most of the money is headed to existing shareholders — including a full exit for early backer Forerunner Ventures.
3 min readSmart-ring maker Oura plans to sell 50 million shares at $40 to $44 each, seeking up to $2.2 billion in an IPO that will largely benefit existing shareholders rather than fund the company itself. Oura has applied to list its common stock on the Nasdaq Global Select Market under the ticker symbol.
Who's actually selling
Of the 50 million shares in the offering, existing shareholders are selling 36.5 million of them, while Oura itself is offering just 13.5 million newly issued shares. At the $42 midpoint, that split works out to roughly $1.53 billion going to existing shareholders versus about $567 million raised by the company, before fees.
The biggest seller is Forerunner Ventures, which plans to offload its entire 9.3% stake — 28.7 million shares — for about $1.20 billion at the midpoint. That amounts to a full exit for one of Oura's earliest venture backers as part of the offering.
What Oura keeps
Oura expects $532.6 million in net proceeds from its portion of the sale, and plans to direct $526.4 million of that toward employee-share tax obligations — meaning most of what the company itself raises is earmarked for settling equity-related tax bills tied to the listing rather than funding new growth initiatives.
The membership base behind the ring
Oura expects to have approximately 5.7 million paid members by the fiscal year ending September 30, a figure that underpins the subscription revenue supporting its valuation as it heads toward its public debut.
Who's underwriting the deal
Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company, and Jefferies are acting as joint lead book-running managers. BofA Securities, Barclays, and Wells Fargo Securities are joint book-running managers, with Citizens Capital Markets, KeyBanc Capital Markets, and Guggenheim Securities also serving as book-running managers. Canaccord Genuity, Needham & Company, Raymond James, Rothschild & Co, Truist Securities, and William Blair round out the syndicate as additional book-running managers — a notably large underwriting group for an offering of this size.
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