Key facts
- Oura has delayed its US initial public offering.
- The company cited market uncertainty for the delay.
- Oura had marketed a share sale of 50 million priced in an indicated range of $40 to $44 apiece.
- Oura CEO Tom Hale stated the company has the luxury of choosing its moment.
- Oura makes a smart ring that tracks heart rate, sleep stages, and physical activity.
Oura, a maker of smart rings that track health metrics, has postponed its planned initial public offering in the US due to market uncertainty. The company had been marketing a sale of 50 million shares with an indicated price range of $40 to $44 each, potentially valuing the company at over $16 billion. This decision adds to a challenging environment for new listings, often referred to as the fall IPO market, which has seen a slow start as investors grapple with the Federal Reserve's recent interest rate hike, geopolitical instability, and fluctuations in AI stocks.
Oura's CEO, Tom Hale, stated that the company aims to achieve an "extraordinary IPO" for its stakeholders and has the flexibility to choose the opportune moment. The company's smart rings compete with devices from Whoop, Samsung, and Apple Watch. For the nine months ended June 30, Oura reported revenue of $1.21 billion, a 74% increase from the previous year, but its net losses widened significantly to $924.3 million from $182.8 million in the same period. Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Co, and BofA Securities are listed as underwriters for the offering, which was expected to list on the Nasdaq under the ticker OURA.