Smart‑ring pioneer Oura is preparing for a blockbuster public offering that could raise as much as $2.2 billion, but the lion’s share of the proceeds is destined for existing shareholders rather than the company’s coffers. According to the latest IPO filing, Oura and its investors are collectively offering 50 million shares with a target price range of $40 to $44 per share.

How the Money Will Be Split

If the shares price at the midpoint of $42, the total gross proceeds would be about $2.1 billion. Of that, shareholders are slated to receive roughly $1.53 billion from the sale of 36.5 million shares, while Oura itself would net approximately $567 million before underwriting fees and expenses.

The breakdown shows that existing investors are offering almost two‑thirds of the total shares on offer, underscoring that the IPO functions largely as a liquidity event for early backers.

Forerunner Ventures Takes the Lion’s Share

The venture capital firm Forerunner Ventures, Oura’s second‑largest shareholder, plans to sell its entire 9.3 % stake—about 28.7 million shares—for around $1.20 billion assuming a $42 listing price. That amount represents nearly 80 % of the shares being sold by existing shareholders in the deal.

Forerunner first backed Oura in the company’s $28 million Series B round in 2020, according to PitchBook data, and has watched the valuation climb dramatically since then.

Oura’s Use of Proceeds: Tax Obligations Over Growth

Rather than treating the IPO as a traditional fundraising round, Oura intends to apply most of its net proceeds to settle tax liabilities tied to employee share grants that will vest at the time of the offering. At the $42 midpoint, the company expects net proceeds of $532.6 million, of which about $526.4 million will go toward paying off those accumulated tax obligations.

That leaves a modest $6.2 million for general corporate purposes, a figure highlighted in the filing as the amount available for day‑to‑day operations after the tax settlement.

Financial Strength and Growth Trajectory

Despite the limited cash earmarked for expansion, Oura’s balance sheet remains healthy. The company reported cash of roughly $372 million at the end of June, providing a cushion even after the IPO‑related tax payment.

On the revenue side, Oura’s subscription business is becoming a major profit driver. Membership revenue more than doubled to $240.5 million in the reported period, delivering an impressive 89 % gross margin and accounting for about 20 % of total sales. Hardware still dominates the top line, contributing $974 million.

The company now forecasts roughly 5.7 million paying members by the end of its fiscal year on September 30, nearly double the figure from a year earlier.

Valuation Outlook and Funding History

If Oura prices at the top of the indicated range ($44 per share), its market capitalization could reach approximately $14.1 billion. The firm was valued at around $11 billion in an October 2025 round that raised $900 million led by Fidelity, with participation from ICONIQ, Whale Rock, and Atreides. Less than a year prior, Oura had secured $200 million at a $5.2 billion valuation.

To date, according to PitchBook, Oura has raised about $2.06 billion across all funding rounds, setting the stage for what could be one of the most notable consumer‑tech IPOs of the year.