Oura IPO Heavily Oversubscribed, Targeting Up to $2.2 Billion

Smart ring maker Oura Inc. has seen strong investor demand for its initial public offering, receiving subscription orders for approximately four times the number of shares available, according to a Bloomberg News report citing people familiar with the matter. The company is seeking to raise up to $2.2 billion in its public market debut.

Strong Investor Appetite

The significant oversubscription signals robust investor appetite for the health and fitness technology company. One person familiar with the deal told Bloomberg that the underwriting banks are planning to close the order books on Monday afternoon, a move that often indicates an offering is well-received by the market.

Offering Details

According to a filing with the U.S. Securities and Exchange Commission (SEC), Oura and its selling shareholders are offering a total of 50 million shares at a price range of $40 to $44 per share. The terms of the deal are structured as follows:

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• The company itself is selling 13.5 million new, or primary, shares to raise capital.
• Existing shareholders, including Forerunner Ventures and Lifeline Ventures, are selling 36.5 million existing, or secondary, shares.

At the top end of the proposed price range, the IPO would value Oura based on the total shares outstanding after the offering.

Key Players

A consortium of major investment banks is managing the offering. The joint lead bookrunners listed in the SEC filing include Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co., Allen & Co., and Jefferies Financial Group Inc.