Smart ring maker Oura is preparing for an initial public offering (IPO) that could raise up to $2.2 billion. The company and its shareholders plan to offer 50 million shares, priced between $40 and $44 each. Most of the shares being sold—36.5 million, or nearly two-thirds of the total—are from existing shareholders. If the stock price lands at $42, the midpoint of the range, shareholders would receive approximately $1.53 billion, while Oura would get about $567 million, after subtracting fees and expenses. Forerunner Ventures, Oura’s second-largest shareholder, is set to sell its entire 9.3% stake—roughly 28.7 million shares—for about $1.2 billion, assuming the shares price at $42. This sale accounts for nearly 80% of the shares being sold by existing shareholders. Forerunner first invested in Oura in 2020 during a $28 million funding round. Oura is not using the IPO primarily to raise new capital. At the $42 price point, the company expects to receive about $532.6 million in net proceeds. Most of this, approximately $526.4 million, will be used to settle tax obligations related to employee share grants that will vest upon the IPO’s completion. This would leave only about $6.2 million for general use, according to the company’s filing. Despite this, Oura has been growing rapidly, with subscriptions becoming a more significant revenue source. The company’s membership business has a high gross margin of 89%, and membership revenue more than doubled to $240.5 million in the most recent period, making up about 20% of total sales. Hardware still accounts for the majority of revenue, at $974 million. Oura expects to end its fiscal year in September with around 5.7 million paying members—nearly double the number from the previous year. If Oura lists at the top of its proposed price range, its market value could reach $14.1 billion. Previously, the company was valued at about $11 billion in October 2025, after raising $900 million in a round led by Fidelity and others. Earlier that year, it had raised $200 million at a $5.2 billion valuation. To date, Oura has raised about $2.06 billion in total funding.