Oura IPO draws four times the orders on offer

The deal and how big it is

Health and fitness ring maker Oura is pitching 50 million shares, according to SEC filings, with a price range of $40 to $44. Of that, the company plans to sell 13.5 million shares, while existing holders including Forerunner Ventures and Lifeline Ventures intend to sell 36.5 million. At the high end, the sale could raise as much as $2.2 billion. That price would imply a market capitalization of $14.1 billion based on outstanding shares, or roughly $15 billion when including stock options and restricted share units.

Demand, timing, and who's running the show

People familiar with the offering say orders total about four times the amount of stock on offer, and the banks running the deal expect to stop taking investor orders Monday afternoon. The bookrunners listed in Oura's filings are Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co., Allen & Co., and Jefferies Financial Group Inc. According to an investor presentation, pricing is scheduled for Sept. 29, with OURA slated to list on the Nasdaq Global Select Market. Discussions are still underway, so terms could change. Spokespeople for Oura and for Goldman Sachs offered no comment.

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The backdrop and what to watch next

Oura is pushing ahead in a rough patch for new listings. Holtec Nuclear Corp. and CVC Capital Partners-backed Bamboo Insurance Services Inc. recently postponed their IPOs, citing market conditions. After a quiet September for flotations, Bloomberg's numbers show Oura's deal could be the first offering exceeding $1 billion to appear following the July debut of Jersey Mike's Subs Inc. Bloomberg's data indicate Oura's offering could be the earliest deal to top $1 billion after Jersey Mike's Subs Inc. came to market in July.

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