Oura IPO Sees Demand Outstrip Supply by Four Times, Report Says

Oura Inc.'s initial public offering is drawing strong investor appetite, with orders for the offering reaching approximately four times the number of shares available, Bloomberg reported Friday, citing people with knowledge of the matter.

Strong Investor Demand

The significant oversubscription indicates robust interest in the health and fitness ring maker ahead of its market debut. Banks managing the sale are reportedly planning to stop accepting investor orders on Monday afternoon.

This level of demand could provide a strong foundation for the stock's pricing and initial trading performance. The listing is set to be a major test for the IPO market, which has been quiet through September.

Offering Details

Oura and its existing shareholders are offering 50 million shares at a price range of $40 to $44 each, according to filings with the U.S. Securities and Exchange Commission. The offering aims to raise as much as $2.2 billion.

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Key details of the share sale include:

• Company shares: 13.5 million shares sold by Oura.
• Shareholder shares: 36.5 million shares sold by existing investors, including Forerunner Ventures and Lifeline Ventures.
• Lead underwriters: The offering is being led by Goldman Sachs Group Inc., Morgan Stanley, and JPMorgan Chase & Co.

Valuation and Market Context

At the top end of the proposed price range, Oura would command a market valuation of $14.1 billion. On a fully diluted basis, which includes stock options and restricted share units, the valuation could reach approximately $15 billion.

The IPO is scheduled to be priced on September 29, with shares expected to trade on the Nasdaq Global Select Market under the ticker OURA. If successful, it would be the first U.S. IPO to raise over $1 billion since July, according to data compiled by Bloomberg. Representatives for Oura and Goldman Sachs declined to comment on the reported demand.