Oura shelves its $2.2B IPO citing ‘uncertainty’ in the market

Smart ring manufacturer Oura has indefinitely postponed its initial public offering, which could have reached up to $2.2 billion, pointing to market uncertainty as the reason. The company previously filed to offer 55 million shares priced between $40 and $44 each, a valuation that would have placed Oura at up to $15 billion at the range's mid-point.

Chief Executive Officer Tom Hale stated that an IPO remains just one step in the company's journey and that Oura possesses the luxury of selecting its timing while it continues to execute upcoming opportunities. Business performance remains strong, with the Oura Ring 5 receiving positive market reception and paying membership reaching 5.7 million, an increase from 5 million at the close of June.

Furthermore, overall revenue is projected to grow by 90% in the 2026 financial year compared to the previous year's $907.9 million. The delay postpones intended uses for the offering proceeds, which included covering tax obligations for vesting employee share grants and allowing early investor Forerunner Ventures to sell its entire 9.3% stake for an estimated $1.20 billion at the mid-point price, while other shareholders seeking liquidity must also wait.