Oura raises $2.2B in IPO

The smart ring maker is offering 50 million shares at $40 to $44 each, valuing the company at up to $14.1 billion.

Most IPO money goes to shareholders

Of the 50 million shares offered, existing shareholders are selling 36.5 million, meaning roughly two-thirds of proceeds will go to them rather than the company.

Forerunner Ventures cashes out big

The venture firm is selling its entire 9.3% stake of 28.7 million shares for about $1.2 billion at the midpoint price, accounting for nearly 80% of all shareholder sales.

Company keeps almost no proceeds

Oura expects net proceeds of $532.6 million but will use $526.4 million to pay off tax obligations from employee share grants, leaving just $6.2 million for general purposes.

“the company expects net proceeds of $532.6 million and plans to use about $526.4 million to pay off accumulated tax obligations”

Oura is growing fast anyway

The company's subscription business is booming with 89% gross margins, and membership revenue more than doubled to $240.5 million. Oura expects to finish the year with 5.7 million paying members, nearly double the prior year.

“The membership business is seemingly a very profitable endeavor for Oura, with an 89% gross margin.”

Company already has $372M cash

Oura had $372 million in cash at the end of June and is choosing to pay off tax obligations rather than use debt or touch its reserves, showing financial strength.

Valuation jumped in recent rounds

Oura was valued at $5.2 billion less than a year ago, then $11 billion in October 2025, and could hit $14.1 billion at the top of the IPO price range.