Oura’s IPO is reportedly about four times oversubscribed

Oura is seeking to raise up to $2.2 billion in a US initial public offering, offering 50 million shares at $40 to $44 apiece, according to its amended S-1 filing. At the top of that range, the smart-ring company would have a market capitalization of about $14.1 billion.

The filing makes clear that this is not solely a new-money raise. Oura and existing shareholders are offering shares together. TechCrunch reports that Forerunner Ventures plans to sell its entire stake for as much as $1.26 billion.

What Oura itself would receive

At the $42 midpoint of the stated range, TechCrunch reports that Oura expects net proceeds of about $532.6 million. The outlet says the company plans to use roughly $526.4 million to pay accumulated tax obligations tied to employee share grants that vest at the IPO. That leaves the size of the headline offering and the cash reaching the company as two meaningfully different figures.

The company’s filing says it sold 3.6 million Oura Rings in the 12 months ended June 30, 2026, which it describes as about 2% penetration of the global wearables market. Oura also says it has collected more than 42 billion hours of physiological data and tracks more than 50 health and wellness metrics. Those are company disclosures in the registration statement.