Smart ring maker Oura plans a $2.2 billion IPO with shares priced at $40-$44. Most proceeds will go to existing shareholders, including Forerunner Ventures selling its entire stake for ~$1.2 billion. The company expects net proceeds of $532.6 million, mostly to cover employee stock vesting taxes. Oura reported hardware revenue of $974 million and membership revenue of $240.5 million with an 89% gross margin. Paid members are projected to reach 5.7 million by September, doubling year-over-year. At the upper price range, Oura's market value could hit $14.1 billion.