Oura delays its Nasdaq IPO, citing uncertainty in the market

Smart ring maker Oura is delaying its planned Nasdaq initial public offering. The company said on Tuesday that it was postponing the listing because of uncertainty in the IPO market, despite “strong demand” and a strengthening business since the process started.

Oura formally launched its IPO plans on Sept. 21. Founded in 2015, the company has moved well beyond sleep tracking: its ring now covers heart health, activity and broader wellness. Oura is not the first US listing hopeful to step back in recent weeks.

The numbers on the table

Oura and some existing investors were marketing 50 million shares at $40 to $44 apiece. At the top of that range the deal would have raised $2.2 billion and valued the company at $15.62 billion on a fully diluted basis. According to Bloomberg’s sources, some potential investors decided to hold off, citing the roughly $15 billion target valuation and the poor post-listing performance of peers such as Fitbit.

Demand for the offering ran about four times the shares on offer when the process began, but the terms changed. A source told Axios that the company was effectively unable to get the price it wanted, in part because most of the shares were being sold by insiders rather than by the company itself.

Why the market shifted

The US IPO market has hit a bump after a strong start to the year. Investors are reassessing the sustainability of heavy AI infrastructure spending and lofty valuations, while a spike in bond yields, fears of further Federal Reserve rate hikes and geopolitical turmoil have clouded sentiment. Earlier this month, nuclear services company Holtec suspended its US listing and Bamboo Insurance also delayed.

Oura chief executive Tom Hale said the company aims to deliver an extraordinary IPO for its employees and investors and has the luxury of choosing its moment. Oura is profitable and forecasts revenue to jump 90% in fiscal 2026.

What it means for wearables

The debut had been viewed as a test of whether Wall Street would value a wearables company as a health-tech business rather than as consumer electronics. Fitbit is the cautionary comparison: the fitness tracker pioneer peaked near a $10 billion market cap a decade ago, then lost ground and was bought by Google in 2021 for about $2.1 billion.

Analysts note the delay does not close the IPO window. Anthropic is still preparing what could be one of the largest listings ever, expected after the US midterm elections in November.

Sources: CNBC · Bloomberg