Oura's IPO Seeks $2.2bn, with 73% Going to Existing Shareholders
Oura launched its Initial Public Offering (IPO) on Monday at a price range of $40 to $44 per share, valuing the Finnish smart ring maker at approximately $14.1 billion. This is around one-third less than their previous target of $3 billion. Out of 50 million shares offered, only 13.5 million are new to the company.
September 21, 2026 - 12:22 pm
Credit: Oura
Oura has been buying back its shares from investors for nine months and is now selling them to the public. The Finnish company chose to launch its IPO before the New York stock exchange open, offering 50 million shares at the mentioned price range. At the top end of this range, the deal raises $2.2 billion, securing a post-money valuation of around $14.1 billion according to Bloomberg's calculations. Oura has applied to be listed on the Nasdaq Global Select Market under the ticker symbol OURA.
Share Allocation
Of the 50 million shares:
- Oura is selling 13.5 million.
- Existing stockholders own the remaining 36.5 million shares.
- There is an option to sell a further 7.5 million shares through an over-allotment, also exclusively for existing shareholders.
Cash Raise and Shareholder Distribution
At the maximum pricing, Oura will receive approximately $594 million before fees, while its existing shareholders will pocket around $1.61 billion, representing 73% of the base deal. Exercising the over-allotment option would further shift funds towards shareholders, with them taking close to $1.94 billion out of a potential $2.53 billion deal, or 77%.
This high share distribution to existing investors stands out. Typically, late-stage listings result in significant cashouts for current holders, but the ratio here is extreme. Oura's company valuation has fallen from a previous estimate of over $16 billion to around $14.1 billion, yet its shareholders are securing almost three-quarters of the new funding.
A Step Up Despite Lower Ask
While the ask is 27% lower than Oura's August target of up to $3 billion, it still represents a step up from their last round. In September 2025, Oura raised $875 million at a valuation of $10.9 billion. A $14.1 billion debut is approximately 29% higher than that funding round.
Rationale for the IPO
Oura has been aggressively buying back its shares, spending $1.17 billion over nine months to repurchase 13.2 million preferred shares at $40.18 each in February. This strategic move left the company with a significant debt and a stockholders' deficit of $1.62 billion as of June 30.
The IPO is essentially the final chapter of this transaction, completing the process started in February when Oura bought out its early investors at $40.18 per share. The company is now offering these shares to the public at a price between $40 and $44 per share.