Oura Postpones $15 Billion IPO Amid Market Uncertainty

Oura has postponed plans to list on the US stock market just days after announcing an initial public offering (IPO) that could have valued the smart-ring maker at $15 billion (£11.3 billion).

The company said it was delaying the IPO because of “the uncertainty of the initial public offering market” and did not provide a new date for the listing.

Oura planned to raise up to $2.2 billion

Just over a week earlier, Oura filed a formal document outlining plans to raise up to $2.2 billion by selling shares to investors.

Oura chief executive Tom Hale said the IPO was “just one step in our journey,” adding: “We have the luxury of choosing our timing.”

Experts say market conditions for new stock-market listings have become increasingly difficult, making Oura the latest company to postpone its flotation.

Why companies are delaying IPOs

Earlier this month, US nuclear technology company Holtec International also postponed its flotation. A report said investor confidence in the IPO market had been undermined by a combination of unusual circumstances.

These included rising energy costs, military conflicts, global trade tensions and inflation concerns. In response to inflation, central banks including the US Federal Reserve have raised benchmark interest rates.

This week, the yield on 10-year US Treasury bonds reached its highest level since 2007.

“What is now clear is that we are in a very different IPO market than we envisioned just a few weeks ago,” said Samuel Kerr, global head of equity capital markets at Merger Markets.

Oura’s proposed share price and financial results

Oura had planned to offer shares at between $40 and $44 on the Nasdaq stock exchange, giving the company an estimated market value of $15 billion.

For the full year ending 30 September 2025, Oura reported pre-tax profits of $23.5 million on sales of $907.8 million. That compared with a pre-tax profit of $6.2 million the previous year.

The latest figures, covering the nine months to 30 June, showed pre-tax profit of $70 million on sales of $1.2 billion.

What Oura’s smart ring does

Founded in Finland in 2013 and headquartered globally in San Francisco, Oura makes smart rings priced at more than $300.

The wearable devices monitor and analyse users’ heart rate, sleep patterns and other health data, displaying the information through an app.

Oura faces false-advertising lawsuit

Oura is also the subject of a class-action lawsuit alleging false advertising. The claim argues that the Oura Ring cannot accurately track a person’s sleep activity and patterns.

The lawsuit, filed in August by the Clarkson law firm, states that “Ouraring cannot measure a person’s sleep or cycle because sleep occurs in the brain, not the fingers.”

Oura’s decision to postpone its IPO is understood to be unrelated to the lawsuit.

“We stand by our claims of science, research and accuracy,” an Oura spokesperson said.

They added: “Like other consumer sleep wearables, Oura Ring uses multiple physiological signals such as heart rate, heart rate variability, movement, breathing patterns, and temperature to estimate sleep stages.”