Oura Seeks $2.2B IPO; Forerunner to Sell Entire 9.3% Stake

Smart ring maker Oura is seeking up to $2.2 billion in its initial public offering, with nearly two-thirds of proceeds flowing to existing shareholders rather than the company. Oura and its shareholders are offering 50 million shares at $40 to $44 each, per an updated filing. Shareholders are selling 36.5 million shares, or 73% of the total. At the $42 midpoint, shareholders would receive about $1.53 billion and the company $567 million before fees. Forerunner Ventures, the second-largest shareholder, plans to sell its entire 9.3% stake — roughly 28.7 million shares — for about $1.20 billion, representing nearly 80% of shares sold by existing holders. Oura expects net proceeds of $532.6 million at the midpoint, with about $526.4 million earmarked to settle tax obligations tied to employee share grants vesting at IPO. That leaves roughly $6.2 million for general corporate purposes. Cash stood at about $372 million at the end of June. Membership revenue more than doubled to $240.5 million, carrying an 89% gross margin, while hardware generated $974 million. Oura expects 5.7 million paying members by its September 30 fiscal year-end. A top-of-range listing would imply a $14.1 billion market capitalization.