Oura's IPO set to raise up to $2.2B, with Forerunner selling its entire stake

What's the deal? ŌURA has updated its IPO filing: the company and its shareholders are offering 50 million shares at $40–44 each, targeting up to $2.2 billion. Existing shareholders account for 36.5 million of the shares on offer; at the $42 midpoint that would raise about $1.53 billion for shareholders and $567 million for the company before fees. Forerunner Ventures, Oura's second-largest shareholder, plans to sell its entire 9.3% stake — roughly 28.7 million shares worth about $1.2 billion — nearly 80% of all shares being sold by existing shareholders.

Why it matters: Oura is treating the listing mainly as an exit and a tax event rather than a raise: of the $532.6 million in expected net proceeds at the midpoint, about $526.4 million will cover tax obligations on employee share grants vesting at the time of the IPO, leaving roughly $6.2 million for general corporate purposes. The company held about $372 million in cash at the end of June.

By the numbers: At the top of the range the listing would imply a market cap of $14.1 billion, against the ~$11 billion valuation from its $900 million Fidelity-led round in October 2025. Membership revenue more than doubled to $240.5 million — about 20% of sales at an 89% gross margin — hardware contributed $974 million of revenue, and Oura expects roughly 5.7 million paying members by the end of its fiscal year on 30 September.

Read more: TechCrunch