Finnish-founded smart-ring maker Oura on Tuesday postponed its U.S. initial public offering, which had been marketed at $40 to $44 a share and implied a fully diluted valuation of about $15.6 billion at the top of the range, Reuters (opens in new tab), BBC and CNBC (opens in new tab) report.
The company said it was delaying the Nasdaq listing “due to uncertainty in the Initial Public Offering (IPO) market” despite what it and bankers described as solid demand. CEO Tom Hale said an IPO is “just one step in our journey” and that Oura has “the luxury of choosing our moment,” according to statements carried by BBC and CNBC (opens in new tab). The firm had formally launched the IPO process on Sept. 21, aiming to sell about 50 million shares and raise up to $2.2 billion.
Market backdrop: rising sovereign yields, geopolitical conflict, trade tensions and debate over AI infrastructure spending have made investors more selective. Nuclear firm Holtec International also postponed a U.S. listing earlier this month for similar reasons, BBC and Reuters (opens in new tab) note. Samuel Kerr of Mergermarket told Reuters (opens in new tab) the IPO market looks “very different” from weeks ago and that even strong businesses face greater scrutiny. IPOX’s Lukas Muehlbauer said reports put Oura’s book around four times oversubscribed — decent but not overwhelming — and noted Anthropic is still eyed as a later-year mega-IPO.
Oura said it is profitable and forecast fiscal 2026 revenue growth of about 90% year over year, CNBC (opens in new tab) reports. BBC cited filings showing a pre-tax profit of $23.5 million on $907.8 million sales for the year ended Sept. 30, 2025, and $70 million pre-tax income on $1.2 billion sales for the nine months to June 30. The company says paid members reached 5.7 million after the Oura Ring 5 launch, Reuters (opens in new tab) reports.
Separately, Oura faces a class-action lawsuit alleging false advertising about sleep tracking; a company spokesperson told the BBC the IPO delay is not connected and defended the ring’s multimodal sleep-stage estimates. No new IPO date was given.