Oura pulls $15bn stock market listing days after announcement
The wearable technology company had been expected to list its shares in the US.
Oura has withdrawn its plan to list shares on the US stock market, a move that would have valued the company at $15bn (£11.3bn), only days after announcing the intention.
The maker of smart rings that monitor users’ health said it would delay its flotation "due to uncertainty in the Initial Public Offering (IPO) market" and gave no indication of when it might proceed.
Just over a week ago, Oura had filed formal paperwork outlining plans to raise as much as $2.2bn by selling shares to investors.
The technology company is the latest to put off a public listing, as experts say the IPO market is becoming more difficult.
Oura chief executive Tom Hale said "an IPO is just one step in our journey", adding that "we have the luxury of choosing our moment".
Earlier this month, US nuclear technology company Holtec International also delayed its flotation. It blamed an "unusual confluence of developments that has impaired investor confidence in the market for new public offerings".
It specifically pointed to higher energy costs, military conflicts, global trade tensions and inflation worries that have prompted central banks, including the US Federal Reserve, to raise benchmark interest rates.
This week, the yield – or interest rate – on US debt due to be repaid in 10 years reached its highest level since 2007.
Samuel Kerr, global head of equity capital markets at Mergermarket, said: "What is now clear is we are in a very different IPO market to the one we envisaged just a few weeks ago."
Oura had intended to sell shares priced between $40 and $44 on the Nasdaq stock market index, implying a company valuation of $15bn.
In its latest full financial year, ending 30 September 2025, Oura reported pre-tax profit of $23.5m on sales of $907.8m. That compares with a pre-tax profit of $6.2m in the prior year.
Its latest figures for the nine months to 30 June this year show pre-tax income of $70m on sales of $1.2bn.
Founded in Finland in 2013, Oura is now headquartered globally in San Francisco and produces smart rings costing more than $300, which track measures such as the wearer’s heartbeat and sleep patterns and display the data in an app.
The company is facing a class action lawsuit that accuses it of false advertising for saying its rings can accurately track a person’s sleep activity and patterns.
Filed by the Clarkson Law Firm in August, the lawsuit said: "Oura rings cannot measure one's sleep or cycles. That's because sleep happens in the brain, not on one's finger."
It is understood that Oura’s decision to postpone an IPO is not linked to the lawsuit.
In a statement, an Oura spokesperson said: "We stand behind our science, research and accuracy claims."
They added: "Like other consumer sleep wearables, Oura Ring estimates sleep stages using multiple physiological signals, including heart rate, heart rate variability, movement, breathing patterns, and temperature."