Oura IPO: current shareholders to sell most of the shares — TechCrunch
Smart ring maker Oura, together with its shareholders, plans to offer shares worth up to $2.2 billion in an initial public offering. As TechCrunch reports, they will offer a total of 50 million shares at a price of $40 to $44 per share.
Oura’s current shareholders are selling 36.5 million shares — nearly two-thirds of the total offering. At $42 per share, the midpoint of the stated range, they could receive about $1.53 billion before fees and taxes. Oura itself would receive about $567 million in that case before deducting offering expenses.
Forerunner Ventures stake sale
Among the current investors, venture firm Forerunner Ventures, Oura’s second-largest shareholder, plans to sell the largest volume of shares. It intends to sell its entire 9.3% stake, or approximately 28.7 million shares. At $42 per share, the fund could receive about $1.2 billion before underwriting fees and taxes.
Forerunner Ventures’ shares account for nearly 80% of the securities being sold by existing shareholders in the deal. According to PitchBook, the fund first invested in Oura during a $28 million Series B round in 2020.
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Tax liabilities and subscriptions
Oura estimates that the company’s net proceeds at $42 per share will amount to $532.6 million. Of this sum, about $526.4 million is planned to be used to pay accrued tax liabilities related to employee stock grants that will vest at the time of the IPO. Approximately $6.2 million will remain for general corporate purposes afterward.
As of the end of June, Oura had about $372 million in cash. The company also reported growth in subscription revenue: it more than doubled to $240.5 million and accounted for about 20% of sales. The gross margin in this segment reached 89%, while device sales generated $974 million.
Oura expects to finish the fiscal year ending September 30 with approximately 5.7 million paying subscribers — nearly twice as many as a year earlier. If the shares are priced at the upper end of the range, the company’s market capitalization could reach $14.1 billion.
