(Bloomberg) -- Health and fitness ring-maker Oura Inc.'s initial public offering raising as much as $2.2 billion has drawn about four times as many orders as there are shares available, according to people familiar with the matter.
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Banks working on the share sale by the company and some of its backers expect to stop taking investor orders on Monday afternoon, one of the people said. Oura and the selling shareholders are offering 50 million shares for $40 to $44 each, its filings with the US Securities and Exchange Commission show.
The company is looking to sell 13.5 million shares, while shareholders including Forerunner Ventures and Lifeline Ventures will offer 36.5 million, according to the filings.
Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co., Allen & Co. and Jefferies Financial Group Inc. are leading the offering, the filings show.
Deliberations are ongoing and details of the listing could change, the people said. Representatives for Oura and Goldman Sachs declined to comment.
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