Smart ring maker Oura is seeking to raise as much as $2.2 billion in its upcoming IPO, but most proceeds will benefit existing shareholders. The company and its shareholders are offering 50 million shares at $40 to $44 each, with shareholders selling 36.5 million shares—nearly two-thirds of the total. At the $42 midpoint, shareholders would receive about $1.53 billion, while Oura would net $567 million before fees.

Forerunner Ventures, Oura’s second-largest shareholder, plans to sell its entire 9.3% stake of 28.7 million shares for roughly $1.20 billion, accounting for nearly 80% of shares sold by existing investors. Oura expects net proceeds of $532.6 million, with $526.4 million allocated to pay off tax obligations from employee share grants, leaving only $6.2 million for general corporate use. The IPO serves as an exit for early backers and fulfills tax liabilities without debt or cash reserves.

Oura’s membership business, with 89% gross margin, generated $240.5 million in revenue—over 20% of sales—and is growing rapidly, with 5.7 million paying members expected by fiscal year-end. Hardware remains the primary revenue driver at $974 million. The company could reach a $14.1 billion market cap if priced at the top of the range, up from its $11 billion valuation in October 2025 after a $900 million round led by Fidelity.

Oura has raised approximately $2.06 billion to date.