Oura'nın 2,2 milyar dolarlık halka arzı, üç risk sermayesi şirketi için büyük bir kazanç anlamına geliyor.

Oura's $2.2B IPO is a major payday for three VCs

Tue, September 22, 2026 at 2:00 AM GMT+3 2 min read

As Oura fights to go public, some of its earliest investors are exiting the ring entirely.

The smart ring maker plans to sell 50 million shares at between $40 to $44 on the Nasdaq, raising as much as $2.2 billion. But with 73% of those shares being offered by existing shareholders—just three investors, to be exact—the IPO will be a bigger payday for the company's backers than the ring maker itself.

Most of the IPO proceeds will go to Forerunner Ventures, the company's second-largest shareholder. According to the updated S-1, the firm plans to offload its entire 9.3% stake of 28,679,908 shares, accounting for 57.4% of the 50 million-share offering.

If priced at the midpoint of $42, Forerunner could net around $1.2 billion before underwriting discounts. The firm first invested in Oura in March 2020 at a $725.3 million valuation. At the midpoint price, the company would be worth $14.9 billion on a fully diluted basis.

One of Oura's earliest investors, Lifeline Ventures, is selling about a third of its stake in the IPO. Lifeline first backed Oura in a 2015 seed round that valued the company at around $6.1 million, according to PitchBook data. The firm is selling nearly 7 million shares, which would be worth $292 million at the midpoint of the price range.

Another VC selling a good portion of its Oura stake is Elysian Park Ventures, the private investing arm of the Los Angeles Dodgers, which first invested in the smart ring maker during its 2021 Series C at a $900 million valuation. Elysian is selling 61.5% of its total stake, valued at $36.6 million at the midpoint price.

Still, several of the company's biggest investors aren't taking the first exit. Fidelity Investments, the firm's largest shareholder with a 10.9% stake, isn't selling a single share in the IPO. Temasek, Iconiq Capital, and Atreides are all other major investors who appear to be selling little to nothing in the IPO.

Founded in Finland in 2013 and now headquartered in San Francisco, Oura has grown from a Kickstarter project to a company that has put smart rings on the map. Its revenue rose 74% year-over-year in the first nine months of 2026, to $1.21 billion, up from $697.6 million in the same period last year.

The ring maker successfully built on a pandemic moment, when its smart rings were used by the NBA to help keep its "bubble" of players healthy.

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This article originally appeared on PitchBook News