Oura has postponed its Nasdaq IPO, citing “uncertainty in the IPO market”. The Finnish-founded smart ring maker said so in a statement on Tuesday, a week after it launched the offering.
It said it is postponing “despite strong demand”, and gave no new date. Oura had planned to sell 50 million shares at $40 to $44 each, raising up to $2.2bn. Existing shareholders were selling 36.5 million of them, as we reported when Oura launched the offering.
“We aim to deliver an extraordinary IPO for our employees and investors and we have the luxury of choosing our moment. In the meantime, we will execute against the opportunities ahead,” chief executive Tom Hale said.
What Oura says about its business
Oura said it is profitable and that its business has strengthened since it began the IPO process. The Oura Ring 5 has taken its paid members to 5.7 million, the company said. It expects revenue for its 2026 financial year to grow 90% on the year before.
The shares looked set to price at the low end of the range, a person familiar with the matter told Semafor. That was what delayed the plans, the person said.
A run of delayed listings
Four companies aiming to raise at least $50m postponed or pulled IPOs in a single week, Oura among them. That is according to Renaissance Capital data cited by CNBC. That makes seven in the third quarter, up from four in the second. Holtec Nuclear withdrew its IPO last week, CNBC reported.
Renaissance analysts pointed to worries about AI spending, a 19-year high in bond yields and renewed rate rises. Gil Luria of DA Davidson told CNBC that investors have lost money on narrow consumer products. He named Peloton, GoPro and Fitbit.
The Oura IPO filing became public in early September, after it had been seeking up to $3bn in August.
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