Oura IPO Raises $2.2B as Three VCs Exit Most Shares
Oura's Nasdaq listing offers 73% of shares for early investor exits, with Forerunner Ventures cashing out a $1.2B stake.
Key points
- Oura's IPO offers 50 million shares at $40-$44, with 73% sold by existing shareholders rather than the company.
- Forerunner Ventures is selling its entire 9.3% stake for approximately $1.2 billion at the midpoint price.
- Oura reported $1.21 billion in revenue for the first nine months of 2026, a 74% year-over-year increase.
Oura is set to list on the Nasdaq with a share offering of 50 million units priced between $40 and $44. The transaction is structured primarily as a liquidity event for existing shareholders rather than a capital raise for the company. As reported by Yahoo Finance, 73% of the shares being sold belong to three specific venture capital firms that are reducing their exposure to the smart ring maker.
The company’s financial performance underpins the valuation. Revenue increased by 74% year-over-year in the first nine months of 2026, reaching $1.21 billion. This growth compares to $697.6 million in the same period last year, reflecting a significant acceleration in sales for the San Francisco-based firm.
Early investors capture most proceeds
Forerunner Ventures, the second-largest shareholder, is selling its entire 9.3% stake consisting of 28,679,908 shares. This portion represents 57.4% of the total IPO offering. At the midpoint price of $42, the firm would realize approximately $1.2 billion before underwriting discounts. Forerunner initially invested in March 2020 when the company was valued at $725.3 million.
Lifeline Ventures is also exiting a significant portion of its holding. The firm invested in the 2015 seed round at a valuation of roughly $6.1 million. It plans to sell nearly 7 million shares, which equates to about $292 million at the midpoint price. This sale represents approximately one-third of Lifeline’s total stake in the company.
Elysian Park Ventures, the private arm of the Los Angeles Dodgers, is selling 61.5% of its total stake. The firm joined the cap table during the 2021 Series C round at a $900 million valuation. Its exit value at the midpoint price is estimated at $36.6 million.
Major holders remain in the company
Despite the exits, several large shareholders are not participating in the offering. Fidelity Investments, the largest shareholder with a 10.9% stake, is not selling any shares. Other major investors including Temasek, Iconiq Capital, and Atreides also appear to be holding their positions, selling little to nothing in the IPO.
Valuation and operational context
If priced at the $42 midpoint, Oura’s fully diluted valuation would reach $14.9 billion. The company, founded in Finland in 2013, has expanded from a Kickstarter project to a dominant player in the smart ring market. Its growth was accelerated by visibility during the NBA’s pandemic health protocols, which utilized the devices for player monitoring.
