Key Moments
- Oura is seeking to sell 50 million shares at a price range of $40 to $44 per share, according to a Monday SEC filing.
- The company reported $1.21 billion in revenue for the nine months ending in June, up 74% from the prior year, while net losses widened to $924.3 million.
- Oura disclosed that it has about 5 million paying members, with women making up 72% of its customer base.
IPO Structure and Pricing
Oura is pursuing a Nasdaq initial public offering that could raise up to $2.2 billion based on its disclosed pricing range. In a filing submitted on Monday to the U.S. Securities and Exchange Commission, the smart ring company detailed plans to offer 50 million shares at a price between $40 and $44 per share.
Of the total shares in the deal, Oura intends to issue 13.5 million new shares. Existing shareholders plan to sell an additional 36.5 million shares as part of the offering.
| IPO Component | Detail |
|---|---|
| Total shares in offering | 50 million |
| Price range per share | $40 – $44 |
| New shares offered by Oura | 13.5 million |
| Shares offered by existing stockholders | 36.5 million |
Anchor Investor Interest
The planned IPO has drawn attention from prominent investors. According to an earlier filing referenced in the disclosure, Eli Lilly indicated interest in purchasing up to $100 million of the offering. Dragoneer signaled plans to acquire up to $300 million worth of shares.
| Investor | Indicated Interest |
|---|---|
| Eli Lilly | Up to $100 million |
| Dragoneer | Up to $300 million |
Underwriting Syndicate
The deal is being led by a group of major Wall Street banks. Goldman Sachs & Co. LLC, Morgan Stanley, and J.P. Morgan are acting as lead underwriters for the transaction.
The underwriting syndicate also includes Allen & Company LLC, Jefferies, BofA Securities, Barclays, Wells Fargo Securities, Citizens Capital Markets, KeyBanc Capital Markets, Guggenheim Securities, Canaccord Genuity, Needham & Company, Raymond James, Rothschild & Co, Truist Securities, William Blair, and Robinhood.
Financial Performance
In its filing, Oura reported revenue of $1.21 billion for the nine-month period ending in June. This represented a 74% increase compared with the same period a year earlier.
Despite the strong top-line growth, losses expanded significantly. Net losses for the nine months widened to $924.3 million, up from $182.8 million in the prior-year period.
| Metric (Nine months ending in June) | Most recent period | Prior-year period |
|---|---|---|
| Revenue | $1.21 billion | Not specified |
| Revenue growth | 74% increase | – |
| Net loss | $924.3 million | $182.8 million |
Customer Base and Membership
Oura disclosed that it has approximately 5 million paying members. The company noted that women represent 72% of its overall customer base, underscoring a significant skew in its user demographics.
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