Oura’s $2.2B IPO is mostly a payday for existing shareholders

Smart ring maker Oura is looking to raise as much as $2.2 billion in its upcoming IPO, but it looks like its current investors will be the ones making money in the process.

According to the company’s updated IPO filing, Oura and its shareholders are together offering 50 million shares at a price range of $40 to $44 each. But most of the IPO’s proceeds will go to shareholders, who are offering 36.5 million shares, or almost two-thirds of the total.

If the company lists at $42 per share, the midpoint of the price range, that would result in proceeds of about $1.53 billion for the shareholders and $567 million for the company, before fees and expenses.