Sensible ring maker Oura is looking to lift as a lot as $2.2 billion in its upcoming IPO, but it surely appears like its present traders would be the ones being profitable within the course of.
In line with the corporate’s updated IPO submitting, Oura and its shareholders are collectively providing 50 million shares at a worth vary of $40 to $44 every. However many of the IPO’s proceeds will go to shareholders, who’re providing 36.5 million shares, or nearly two-thirds of the whole.
If the corporate lists at $42 per share, the midpoint of the value vary, that might lead to proceeds of about $1.53 billion for the shareholders and $567 million for the corporate, earlier than charges and bills.
The majority of that can go to Forerunner Ventures, the corporate’s second-largest shareholder. The enterprise agency plans to promote its complete 9.3% stake of about 28.7 million shares for about $1.20 billion (assuming the shares record at $42) earlier than underwriting charges and taxes. Forerunner’s shares account for almost 80% of the shares being offered by current shareholders within the deal.
Forerunner first invested in Oura within the firm’s 2020 $28 million Series B round, in keeping with PitchBook.
In the meantime, Oura doesn’t look to be treating this IPO as a fundraising occasion. On the $42 midpoint, the corporate expects internet proceeds of $532.6 million, and plans to make use of about $526.4 million to repay collected tax obligations associated to worker share grants that can vest on the time of the IPO.
That would depart the corporate with roughly $6.2 million for common company functions, in keeping with the submitting.
In a method, that is sort of a flex by Oura, which is basically utilizing this IPO to offer its early backers an exit. It’s additionally fulfilling tax obligations with out turning to debt, as corporations generally do, or touching its money, which sat at about $372 million on the finish of June.
The providing comes as Oura is rising shortly, with subscriptions changing into a bigger income. The membership enterprise is seemingly a really worthwhile endeavor for Oura, with an 89% gross margin. Membership income greater than doubled to $240.5 million within the interval, accounting for about 20% of the corporate’s gross sales. {Hardware} nonetheless made up many of the firm’s income, at $974 million.
Oura now expects to complete the fiscal 12 months ending September 30 with about 5.7 million paying members, which might almost double the quantity from a 12 months earlier.
Oura may find yourself with a market cap of $14.1 billion if it lists on the prime of the proposed worth vary.
The corporate was valued at approximately $11 billion in October 2025, when it raised $900 million in a spherical that was led by Constancy and noticed participation from ICONIQ, Whale Rock, and Atreides. It had raised $200 million at a $5.2 billion valuation lower than a 12 months earlier. The corporate has raised about $2.06 billion to this point, in keeping with PitchBook.
While you buy by way of hyperlinks in our articles, we may earn a small commission. This doesn’t have an effect on our editorial independence.
