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

Oura’s IPO will raise up to $2.2 billion by selling 50 million shares at $40-$44 each, but 36.5 million shares are offered by existing shareholders, mainly Forerunner Ventures, who will receive about $1.20 billion at a $42 listing price. The company will net roughly $532.6 million, using $526.4 million to settle tax obligations on employee share grants, leaving about $6.2 million for general purposes. Oura’s revenue is dominated by hardware ($974 million) and a growing membership business that generated $240.5 million with an 89% gross margin, and the company expects 5.7 million paying members by year-end.