Oura, the smart-ring maker, is heading toward an initial public offering that could be valued at $2.2 billion, but most of the proceeds will go to existing shareholders rather than into the company’s coffers. According to the latest offering filing, Oura and its shareholders will offer 50 million shares at $40 to $44 per share.
At the midpoint price of $42, the selling shareholders would raise about $1.53 billion before fees and expenses, compared with approximately $567 million for the company. Existing shareholders are offering 36.5 million shares, or nearly two-thirds of the shares being offered.
Forerunner Is Selling Its Entire Stake
Forerunner Ventures, Oura’s second-largest shareholder, plans to sell its entire 9.3% stake, or about 28.7 million shares. At the proposed midpoint price, the stake could be worth approximately $1.20 billion before underwriting fees and taxes, representing nearly 80% of the shares being sold by existing shareholders.
Forerunner first invested in Oura during the $28 million Series B round in 2020. The offering effectively means that one of the early investors will receive a major exit opportunity, rather than the IPO being a traditional expansion financing round.
Limited Funding for Company Purposes
Oura expects to receive net proceeds of $532.6 million at the midpoint price, but plans to use approximately $526.4 million to pay accumulated tax obligations related to employee equity grants that will vest when the offering is completed. That would leave the company with only about $6.2 million for general purposes, according to the filing.
This structure allows the company to address its tax obligations without taking on debt or using its cash balance, which stood at approximately $372 million at the end of June. At the same time, however, it limits the amount of new capital available to fund products or expansion after the listing.
What Matters to Investors?
The transaction comes as Oura grows rapidly, with subscriptions accounting for an increasing share of its business model. Membership revenue more than doubled to $240.5 million during the period mentioned, representing approximately 20% of sales, with a gross margin of 89%. By contrast, device sales remained the largest source of revenue at $974 million.
The company expects to end the fiscal year ending September 30 with approximately 5.7 million paying members, nearly double the number recorded a year earlier. If the listing price comes in at the upper end of $44, the market capitalization could reach $14.1 billion.
Oura was valued at approximately $11 billion in October 2025 after a $900 million funding round led by Fidelity, while the company has raised approximately $2.06 billion in total to date, according to PitchBook. The final offering figures, including the price, share count, and actual proceeds for each party, remain subject to market conditions and the final execution of the offering.