Oura’s $2.2B IPO is mostly a payday for existing shareholders

Oura 22 亿美元的 IPO 主要是一场现有股东的“套现盛宴”

Smart ring maker Oura is looking to raise as much as $2.2 billion in its upcoming IPO, but it looks like its current investors will be the ones making money in the process. According to the company’s updated IPO filing, Oura and its shareholders are together offering 50 million shares at a price range of $40 to $44 each. 智能戒指制造商 Oura 计划在即将进行的首次公开募股（IPO）中筹集高达 22 亿美元的资金，但看起来从中获利的主要是其现有投资者。根据该公司更新的 IPO 文件，Oura 及其股东将共同提供 5000 万股股票，发行价区间为每股 40 至 44 美元。

But most of the IPO’s proceeds will go to shareholders, who are offering 36.5 million shares, or almost two-thirds of the total. If the company lists at $42 per share, the midpoint of the price range, that would result in proceeds of about $1.53 billion for the shareholders and $567 million for the company, before fees and expenses. 然而，此次 IPO 的大部分收益将流向股东，他们提供的股票数量为 3650 万股，占总数近三分之二。如果公司以发行价区间的中间值每股 42 美元上市，在扣除费用和开支前，股东将获得约 15.3 亿美元的收益，而公司将获得 5.67 亿美元。

The bulk of that will go to Forerunner Ventures, the company’s second-largest shareholder. The venture firm plans to sell its entire 9.3% stake of about 28.7 million shares for about $1.20 billion (assuming the shares list at $42) before underwriting fees and taxes. Forerunner’s shares account for nearly 80% of the shares being sold by existing shareholders in the deal. Forerunner first invested in Oura in the company’s 2020 $28 million Series B round, according to PitchBook. 其中大部分收益将流向该公司第二大股东 Forerunner Ventures。该风投公司计划出售其持有的全部 9.3% 股份（约 2870 万股），在扣除承销费和税款前，预计可套现约 12 亿美元（假设股价为 42 美元）。在本次交易中，现有股东出售的股票中，近 80% 来自 Forerunner。据 PitchBook 数据显示，Forerunner 最早于 2020 年参与了 Oura 2800 万美元的 B 轮融资。

Meanwhile, Oura doesn’t look to be treating this IPO as a fundraising event. At the $42 midpoint, the company expects net proceeds of $532.6 million and plans to use about $526.4 million to pay off accumulated tax obligations related to employee share grants that will vest at the time of the IPO. That would leave the company with roughly $6.2 million for general corporate purposes, according to the filing. 与此同时，Oura 似乎并未将此次 IPO 视为主要的融资活动。按 42 美元的中间价计算，公司预计净收益为 5.326 亿美元，并计划动用约 5.264 亿美元来支付与 IPO 时归属的员工股权激励相关的累计税款。根据文件显示，这将仅剩下约 620 万美元用于公司的一般性企业用途。

In a way, this is kind of a flex by Oura, which is essentially using this IPO to give its early backers an exit. It’s also fulfilling tax obligations without turning to debt, as companies sometimes do, or touching its cash, which sat at about $372 million at the end of June. 从某种程度上说，这是 Oura 的一种“秀肌肉”行为，本质上是利用此次 IPO 为其早期支持者提供退出渠道。同时，它也无需像某些公司那样通过举债来履行税务义务，也无需动用截至 6 月底账面上约 3.72 亿美元的现金储备。

The offering comes as Oura is growing quickly, with subscriptions becoming a larger source of revenue. The membership business is seemingly a very profitable endeavor for Oura, with an 89% gross margin. Membership revenue more than doubled to $240.5 million in the period, accounting for about 20% of the company’s sales. Hardware still made up most of the company’s revenue, at $974 million. Oura now expects to finish the fiscal year ending September 30 with about 5.7 million paying members, which would nearly double the number from a year earlier. 此次发行正值 Oura 快速增长之际，订阅服务已成为其越来越重要的收入来源。会员业务对 Oura 而言似乎是一项利润丰厚的业务，毛利率高达 89%。该期间会员收入翻了一番多，达到 2.405 亿美元，约占公司销售额的 20%。硬件业务仍占据公司收入的大头，为 9.74 亿美元。Oura 目前预计，截至 9 月 30 日的财年结束时，付费会员人数将达到约 570 万，几乎是去年同期的两倍。

Oura could end up with a market cap of $14.1 billion if it lists at the top of the proposed price range. The company was valued at approximately $11 billion in October 2025, when it raised $900 million in a round that was led by Fidelity and saw participation from ICONIQ, Whale Rock, and Atreides. It had raised $200 million at a $5.2 billion valuation less than a year earlier. The company has raised about $2.06 billion to date, according to PitchBook. 如果 Oura 以拟定价格区间的上限上市，其市值最终可能达到 141 亿美元。该公司在 2025 年 10 月融资 9 亿美元时，估值约为 110 亿美元，该轮融资由富达（Fidelity）领投，ICONIQ、Whale Rock 和 Atreides 参投。在此之前不到一年，该公司曾以 52 亿美元的估值融资 2 亿美元。据 PitchBook 数据显示，截至目前，该公司已累计融资约 20.6 亿美元。