Oura's IPO Books Close Four Times Oversubscribed at $2.2 Billion Target

Oura, the maker of the Oura Ring health tracker, is closing its IPO order book with demand near four times the amount of stock available, Bloomberg reported. The offering is targeting $2.2 billion, a level that would mark one of the larger consumer-tech listings of the year. The oversubscription matters because it comes at a time when several other IPOs have needed to price below their initial ranges to get done. A four-times covered book gives underwriters room to price at or above the top of the range and still see the stock trade up on its first day, which sets the tone for other wearable and health-tech companies weighing their own listings. What is not yet known is the final price and valuation multiple, since the book was still closing as of the report. The first day of trading will show whether that demand converts into a durable premium or fades once early investors are free to sell.