Oversubscription rate as high as 4 times! "AI ring" Ora's IPO is met with enthusiastic response.

Smart ring maker Ora defied market trends, with its IPO being oversubscribed by approximately four times, becoming a bright spot in the recent US IPO market.

According to Bloomberg, citing sources familiar with the matter, the underwriting banks for the offering are expected to close order submissions on Monday afternoon. Oura and some existing shareholders are offering 50 million shares at a price range of $40 to $44 per share, aiming to raise up to $2.2 billion. At the upper end of the offering price range, the company's market capitalization would reach $14.1 billion; including stock options and restricted stock units, the fully diluted valuation would be approximately $15 billion.

The IPO pricing date is set for September 29, and the shares will be listed on the Nasdaq Global Select Market under the ticker symbol "OURA". Oura's strong subscription momentum is particularly noteworthy – just days prior, nuclear power services company Holtec Nuclear Corp. and Bamboo Insurance Services Inc., a subsidiary of CVC Capital Partners, both postponed their IPO plans citing market conditions, casting a shadow over the US IPO market.

The company and its shareholders cashed out together.

According to documents filed with the U.S. Securities and Exchange Commission, of the 50 million shares issued, Ora itself sold 13.5 million shares, while the remaining 36.5 million shares were sold by existing shareholders, including Forerunner Ventures and Lifeline Ventures.

Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co., and Jefferies Financial Group are serving as joint lead underwriters for the offering. Both Oura and Goldman Sachs declined to comment. Sources familiar with the matter indicated that negotiations are ongoing and listing details are subject to change.

This could end the more than $1 billion IPO drought.

According to data compiled by Bloomberg, since Jersey Mike's Subs Inc. went public in July of this year, there has been no IPO in the US stock market that has raised more than $1 billion. If Ora successfully completes its offering, it will become the first large IPO to break this threshold in nearly three months, which will be an important indicator for the US stock market after a quiet September.

The withdrawals of applications from Holtec Nuclear Corp. and Bamboo Insurance Services Inc. have made the market more cautious about the IPO window. The fact that Ora received a high oversubscription rate against the trend has boosted market confidence to some extent.

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