Oura, the smart ring manufacturer, has filed for an IPO aiming to raise up to $2.2 billion by offering 50 million shares at a price range of $40 to $44. However, the majority of the proceeds, $1.53 billion at the midpoint price of $42 per share, will go to existing shareholders who are selling 36.5 million shares. Forerunner Ventures, the second-largest shareholder, plans to sell its entire 9.3% stake for an estimated $1.20 billion, representing nearly 80% of the shares sold by existing shareholders.
The company itself expects to net $532.6 million, but approximately $526.4 million of this will be used to cover accumulated tax obligations related to employee share grants. This leaves Oura with only about $6.2 million for general corporate purposes, indicating that the IPO is not primarily a fundraising event for the company, but rather an opportunity for early backers to exit.
Despite this, Oura is experiencing rapid growth. Its membership revenue more than doubled to $240.5 million, accounting for about 20% of sales, with a high gross margin of 89%. Hardware still makes up the largest portion of revenue at $974 million. Oura anticipates ending the fiscal year with 5.7 million paying members, nearly double the previous year's count. The company could achieve a market capitalization of $14.1 billion if listed at the top of its proposed price range. Previously, Oura was valued at approximately $11 billion in October 2025 and has raised about $2.06 billion to date.
