Key facts
- Oura has postponed its planned $15 billion stock market listing in the US.
- The company cited uncertainty in the Initial Public Offering (IPO) market for the delay.
- Oura had planned to sell shares priced between $40 and $44 on the Nasdaq.
- In its last full financial year ending Sept. 30, 2025, Oura made a pre-tax profit of $23.5 million on sales of $907.8 million.
- Oura's most recent figures for the nine months to June 30 show pre-tax income of $70 million on sales of $1.2 billion.
- Oura stands behind its science, research and accuracy claims regarding its smart rings.
Oura, the maker of smart rings that track users' health, has pulled its plan for a $15 billion stock market listing in the US, just days after announcing the move. The company cited "uncertainty in the Initial Public Offering (IPO) market" as the reason for the postponement, and did not indicate when it might reconsider the flotation.
Oura had filed official documents just over a week ago outlining its intention to raise up to $2.2 billion by offering shares to investors. The company had planned to sell shares priced between $40 and $44 on the Nasdaq stock market index, which would have given it an implied market value of $15 billion.
Oura's chief executive Tom Hale stated that "an IPO is just one step in our journey," and that the company "has the luxury of choosing our moment." He added that "we have the luxury of choosing our moment."
Oura becomes the latest business to delay a public listing, with experts noting a challenging IPO market. This is attributed to factors including rising energy costs, military conflicts, global trade tensions, and inflation concerns, which have prompted central banks like the US Federal Reserve to raise benchmark interest rates. The yield on 10-year US debt recently hit its highest level since 2007.
Samuel Kerr, global head of equity capital markets at Mergermarket, commented that the current IPO market differs significantly from what was anticipated just weeks ago.
In its last full financial year, ending September 30, 2025, Oura reported a pre-tax profit of $23.5 million on sales of $907.8 million, an increase from the previous year's $6.2 million pre-tax profit. For the nine months ending June 30 this year, the company's pre-tax income was $70 million on sales of $1.2 billion.
Founded in Finland in 2013 and headquartered in San Francisco, Oura produces smart rings that monitor physiological signals such as heart rate and sleep patterns, with data analyzed and presented via an app. The rings cost upwards of $300.
Oura is also facing a class action lawsuit from the Clarkson Law Firm, which accuses the company of false advertising by claiming its rings can accurately track sleep activity and cycles. Oura has stated, "We stand behind our science, research and accuracy claims." A spokesperson 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." It is understood that the decision to delay the IPO is not connected to this lawsuit.