Oura, a Finnish-founded company that manufactures smart rings for health tracking, has withdrawn its plan to list on the US stock market. The company had announced its intention to raise up to $2.2bn through an initial public offering on the Nasdaq exchange, with share prices planned between $40 and $44, valuing the firm at approximately $15bn. The decision to delay the flotation came only days after the formal filing of regulatory documents.
The company cited uncertainty in the broader IPO market as the reason for postponement, without specifying when it might pursue a public listing in the future. Chief Executive Tom Hale stated that an IPO represents merely one phase of the company’s development and that the firm has the flexibility to time such a move strategically. Oura has not been the only business to delay going public recently, as industry experts note that conditions for new public offerings have become increasingly challenging.
Market conditions have deteriorated amid multiple pressures on investor sentiment. Nuclear technology firm Holtec International similarly postponed its flotation earlier in the month, citing rising energy costs, geopolitical conflicts, trade tensions, and inflation concerns. These factors have prompted central banks, including the Federal Reserve, to raise interest rates. Yields on 10-year US government debt reached their highest level since 2007 during this period, further constraining the IPO market.
Oura reported strong financial performance in recent periods. For the fiscal year ending September 2025, the company generated $907.8m in sales and $23.5m in pre-tax profit, up from $6.2m the prior year. Nine-month figures through June showed $1.2bn in sales and $70m in pre-tax income. The company manufactures smart rings priced above $300 that monitor physiological indicators such as heart rate and sleep patterns through its mobile application.
Separately, Oura faces a class action lawsuit filed in August alleging false advertising regarding the accuracy of its sleep tracking capabilities. The company has stated it stands behind its scientific research and maintains that its rings estimate sleep stages using multiple physiological signals including heart rate variability, movement, and temperature monitoring, consistent with other consumer sleep wearables. Oura indicated the litigation is unrelated to its decision to postpone the public listing.
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