Oura IPO Draws Strong Demand Ahead of $2.2 Billion Offering

Oura Inc.’s initial public offering is seeing robust investor demand, with orders reportedly reaching about four times the number of shares available as the smart ring maker prepares for a potential $2.2 billion stock market debut.

Banks overseeing the Oura IPO are expected to close their order books Monday afternoon, Bloomberg reported, citing people familiar with the offering. The company and existing shareholders are selling 50 million shares at an expected price of $40 to $44 each, according to filings with the U.S. Securities and Exchange Commission.

Oura itself plans to sell 13.5 million shares, while current investors, including Forerunner Ventures and Lifeline Ventures, are offering another 36.5 million shares.

Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co. and Jefferies Financial Group are leading the IPO.

If the shares are priced at the top of the proposed range, Oura would command a market capitalization of approximately $14.1 billion based on the outstanding shares disclosed in its filings. Its fully diluted valuation, which includes stock options and restricted share units, could reach roughly $15 billion.

The health and fitness technology company is expected to price its IPO on Sept. 29, according to an investor presentation. Oura shares are set to list on the Nasdaq Global Select Market under the ticker symbol “OURA.”

The offering could provide a boost to the U.S. IPO market following a relatively quiet September. If Oura raises more than $1 billion, it would be the first IPO to cross that threshold since Jersey Mike’s Subs Inc. went public in July, according to Bloomberg data.

However, discussions surrounding the offering remain ongoing, meaning the final pricing and other details could still change. Representatives for Oura and Goldman Sachs declined to comment on the reported investor demand.