Smart ring company Oura is preparing for an initial public offering that could raise up to $2.2 billion, based on a proposed price range of $40 to $44 per share.
The offering includes 50 million shares, with 36.5 million shares coming from existing investors. At the midpoint price of $42, current shareholders could receive about $1.53 billion before fees, while Oura would generate approximately $567 million in gross proceeds.
Forerunner Ventures, one of Oura's early backers, plans to sell its full 9.3% holding, representing around 28.7 million shares. At the midpoint of the proposed range, that stake would be valued at roughly $1.2 billion before related costs.
Oura expects to use most of its net IPO proceeds to cover tax obligations associated with employee share awards that vest at the time of listing. This structure allows the company to meet those obligations without relying on additional debt or significantly reducing its existing cash reserves.
Subscription model strengthens Oura's growth profile
The company's growth continues to be supported by both wearable hardware and its expanding membership business. Membership revenue more than doubled to $240.5 million, accounting for about 20% of total sales and delivering an 89% gross margin. Hardware revenue reached $974 million.
Oura forecasts approximately 5.7 million paying members by the end of its fiscal year on September 30, nearly twice the total reported a year earlier. At the top end of its proposed pricing range, the company could reach a market value of about $14.1 billion.
The planned listing highlights how connected health devices are evolving from one-time purchases into recurring digital wellness platforms. Oura's trajectory may help shape the next phase of consumer health technology, where personalized insights and subscription services become increasingly integrated into everyday routines.
