Oura, the smart ring maker, has postponed its planned flotation on Nasdaq, blaming uncertainty in the market for new listings, a week after formally launching an offer that sought a valuation of about $15bn.
The company said today that it had seen “strong demand” for the shares and that the business had strengthened since the start of the IPO process. Bloomberg reported that Oura has not set a new date for the offering.
Tom Hale, the Oura chief executive, said: “Our mission is to empower people to live healthier, longer, and an IPO is just one step in our journey. We aim to deliver an extraordinary initial public offering for our employees and investors and we have the luxury of choosing our moment. In the meantime, we will execute against the opportunities ahead.”
Oura and its selling shareholders had planned to offer 50 million shares at $40 to $44 each, according to filings with the US Securities and Exchange Commission reported by Bloomberg. The company was to sell 13.5 million shares, with existing investors including Forerunner Ventures and Lifeline Ventures selling the remaining 36.5 million. At the top of the range, the deal would have raised as much as $2.2bn.
Bloomberg reported that orders had reached about four times the number of shares available. At the top of the price range, Oura would have had a market capitalisation of about $14.1bn based on its outstanding shares and a fully diluted valuation of about $15bn, according to the news agency.
Goldman Sachs, Morgan Stanley, JPMorgan Chase, Allen & Co and Jefferies were the lead banks. The company had applied to list on the Nasdaq Global Select Market under the ticker OURA, according to its registration statement filed with the SEC, in which it said it intended to use its proceeds for general corporate purposes including technology development and working capital.
Oura, founded in Finland in 2013, sells smart rings that track heart health, activity and sleep, alongside monthly subscriptions to its health analytics platform. According to the filing, it moved its legal home from Finland to the US in March and is headquartered in San Francisco.
The company said in its statement today that it was profitable and that demand for the Oura Ring 5 had helped lift paid members to 5.7 million. It said it expected full-year revenue in 2026 to grow by 90 per cent. Its financial year ends on 30 September.
The prospectus showed revenue of $1.21bn in the nine months to 30 June, up 74 per cent on the same period a year earlier, with net income of $60.8m against $1.6m. Oura said it sold 3.6 million rings in the 12 months to 30 June, about 2 per cent of global wearable shipments, and that less than 20 per cent of its hardware revenue in the nine months came from outside the US.
Oura says its customers are not confined to high earners. According to the filing, about 37 per cent of members report household incomes below $100,000 and about 27 per cent are over 45.
In the UK, the Ring 5 starts at £399 and requires a £5.99 monthly subscription for access to more than the basic daily metrics.
Holtec Nuclear and Bamboo Insurance Services, which is backed by CVC Capital Partners, have also postponed planned US listings in recent weeks, citing market conditions, Bloomberg News has reported.
Other technology companies are still preparing to list in New York, including the British data centre developer Nscale, which filed for a float on the New York Stock Exchange this month. OpenAI was reported in May to be preparing a confidential IPO filing with Goldman Sachs and Morgan Stanley.
In London, seven companies listed in the first half of the year, raising £577m, according to analysis by EY-Parthenon. Scott McCubbin, the firm’s UK and Ireland IPO leader, said in July that “increased volatility in AI-linked equities is creating a headwind, making it more challenging for companies to achieve the stability required for successful IPOs.”
