Oura's as much as $2.2B IPO mostly pays out existing shareholders

Oura, the smart ring maker, is looking to raise as much as $2.2 billion in its upcoming IPO — but it’s the company’s current investors, not the company itself, who stand to make most of the money. According to Oura’s updated IPO filing, the company and its shareholders are together offering 50 million shares at a price range of $40 to $44 each, with shareholders offering 36.5 million shares, almost two-thirds of the total.

At the $42 midpoint of that range, the offering would produce about $1.53 billion for shareholders and $567 million for the company, before fees and expenses. The bulk of the shareholder proceeds will go to Forerunner Ventures, Oura’s second-largest shareholder, which plans to sell its entire 9.3% stake — about 28.7 million shares — for roughly $1.20 billion before underwriting fees and taxes, assuming a $42 listing price. Forerunner’s shares account for nearly 80% of the shares being sold by existing shareholders. The firm first invested in Oura’s 2020 $28 million Series B round, according to PitchBook.

Oura itself doesn’t appear to be treating the IPO as a fundraising event. At the $42 midpoint, the company expects net proceeds of $532.6 million and plans to use about $526.4 million of that to pay off accumulated tax obligations tied to employee share grants vesting at the time of the IPO — leaving roughly $6.2 million for general corporate purposes, according to the filing. That structure lets Oura settle its tax bill without taking on debt or touching its cash, which sat at about $372 million at the end of June.

The offering comes as Oura’s business keeps growing, with subscriptions becoming a larger share of revenue. The membership business carries an 89% gross margin, and membership revenue more than doubled to $240.5 million in the period, about 20% of total sales. Hardware still made up most of revenue, at $974 million. Oura expects to finish the fiscal year ending September 30 with about 5.7 million paying members, which would nearly double the number from a year earlier.

Oura could end up with a market cap of $14.1 billion if it lists at the top of its proposed price range. The company was valued at approximately $11 billion in October 2025, when it raised a $900 million round led by Fidelity with participation from ICONIQ, Whale Rock, and Atreides — less than a year after it had raised $200 million at a $5.2 billion valuation. Oura has raised about $2.06 billion to date, according to PitchBook.

Why it matters

The structure signals confidence rather than a cash crunch — Oura is using its own IPO mainly to clear an employee tax bill rather than fund growth, while early backers like Forerunner use the listing as their exit.