Investment: “Oura raises $2.2 billion”
Oura, the maker of smart rings, has launched an initial public offering process targeting up to $2.2 billion. The company set a price range of $40 to $44 per share and plans to offer a total of 50 million shares, combining newly issued shares and sales by existing shareholders; Oura has filed to list on Nasdaq under the ticker “OURA”.
Among shareholders planning to sell in the offering, Forerunner Ventures is highlighted: Forerunner-linked funds hold roughly 28.7 million shares, equivalent to about a 9.3% stake, and intend to sell their entire position in the offering.
Founded in 2013 in Finland, Oura produces smart rings and a companion application that track sleep, activity and stress. The company attributes recent subscriber growth in part to sales of the Oura Ring 5 and expects to close fiscal 2026 with approximately 5.7 million paid members, representing year‑over‑year growth of about 96%.
Oura reported that subscription revenue for the nine months ending in June reached $240.5 million, up 121% year‑on‑year, with the subscription business delivering an 89% gross margin. The company also states that more than 94% of ring activations convert to paid membership.
The planned offering comprises 50 million shares, of which 13.5 million would be newly issued by the company and 36.5 million would be sold by existing shareholders—meaning about 73% of the offering would come from shareholder sales. If the price is set at the $44 upper bound, Oura would receive about $594 million before expenses while selling shareholders would receive roughly $1.61 billion. Using the $42 midpoint, the offering’s pre‑expense size is roughly $1.2 billion. At the $42 assumption, Oura expects net proceeds of approximately $532.6 million; about $526.4 million of that is planned to cover tax withholding and payment obligations arising from employee share awards, leaving about $6.2 million for general corporate purposes. Pricing at $44 would imply a post‑IPO market capitalization of about $14.1 billion and a fully diluted valuation near $15.6 billion.
