Oura’s $2.2 Billion IPO Will Mostly Benefit Existing Shareholders

Smart ring maker Oura is preparing for an initial public offering that could raise up to $2.2 billion, but most of the proceeds are expected to benefit existing shareholders rather than the company itself.

According to the company’s updated IPO filing, Oura and its shareholders are offering 50 million shares priced between $40 and $44 each. Existing shareholders are selling 36.5 million shares, accounting for nearly two-thirds of the offering.

Most IPO Proceeds Will Go to Investors

If Oura lists at the $42 midpoint, shareholders could receive about $1.53 billion before fees and expenses, while the company would receive about $567 million. Venture firm Forerunner Ventures is expected to receive the largest share, selling its full 9.3% stake for roughly $1.2 billion.

Oura is not using the IPO primarily to raise capital. The company expects to use most of its net proceeds to pay tax obligations related to employee stock grants that will vest during the IPO, leaving only a small amount for general corporate purposes.

Growth Driven by Membership Revenue

The IPO comes as Oura expands its subscription business. The company says membership revenue more than doubled to $240.5 million during the reported period, with an 89% gross margin, while hardware sales remained its largest revenue source at $974 million.

Oura expects to finish its fiscal year with about 5.7 million paying members, nearly double the previous year’s figure. The company could reach a market capitalisation of about $14.1 billion if it lists at the top of its proposed price range.

Oura was valued at approximately $11 billion in 2025 after raising $900 million, following a previous $200 million funding round that valued the company at $5.2 billion. The company announced its IPO launch details in its official offering announcement.