Oura Says There Is Too Much Uncertainty In The Market Right Now. It Is Postponing Its IPO.
Smart ring maker Oura has postponed its planned initial public offering, citing uncertainty in the IPO market even as the company said demand for the offering had been strong.
Oura said Tuesday that it was making the decision despite what it described as strong demand. The company had planned to offer 50 million shares at an expected price of between $40 and $44 each, according to an amended registration statement filed with the U.S. Securities and Exchange Commission on Sept. 21. That range implied a maximum offering size of about $2.2 billion before any additional shares purchased by underwriters.
Oura itself was offering 13.5 million of the shares, while existing shareholders planned to sell another 36.5 million. The company would not have received proceeds from shares sold by those existing investors. Underwriters also had an option to buy as many as 7.5 million additional shares from selling stockholders.
The company had applied to list on the Nasdaq Global Select Market under the ticker symbol “OURA.” Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Company and Jefferies were among the lead banks working on the offering.
Oura’s public filings show a company that had been expanding quickly before the IPO was postponed.
Revenue reached $1.21 billion in the nine months ended June 30, up 74% from $697.6 million during the same period a year earlier, according to the SEC filing. Oura reported net income of $60.8 million for the period, compared with $1.6 million a year earlier, while adjusted EBITDA rose to $106.7 million from $83.5 million.
The company said it had 5 million paid members as of June 30 and sold 3.6 million Oura Rings in the 12 months through that date. Its weighted-average 12-month paid member retention stood at about 85%.
Oura makes a ring-shaped wearable that tracks metrics including sleep, heart rate, activity, stress and other health signals. The company said in its prospectus that hardware accounted for about 80% of revenue during the first nine months of fiscal 2026, while subscriptions generated about 20%.
The business has also been moving further into AI-powered health tools. Its filing describes Oura Advisor as an AI-powered health companion that allows members to interact with their health data using natural language, while other features cover areas including heart health, metabolic health and women’s health.
Oura was founded in Finland in 2013 and reorganized earlier this year, with Delaware-based Oura Inc. becoming the parent company and Oura Health Oy becoming a wholly owned subsidiary. The restructuring was completed on March 31, according to the company’s prospectus.
Oura is not the only company to delay a U.S. listing in September.
Nuclear technology company Holtec Nuclear Corporation postponed its own planned IPO on Sept. 17 after discussions with its banking syndicate, according to Holtec International. The company said adverse market sentiment had affected both the broader equity market and the nuclear sector.
Holtec had launched the offering earlier in September with plans to sell 50 million shares at between $15 and $18 each and list on Nasdaq and Nasdaq Texas under the ticker “HNUC.”
The company cited a combination of factors behind its postponement, including uncertainty surrounding data center development, rising energy costs, global trade tensions, military conflicts and inflation concerns. Holtec said it intended to keep its registration statement on file with the SEC.
Oura has likewise characterized its decision as a postponement rather than a withdrawal of its IPO plans. The company said its business had strengthened since beginning the process and that it would continue operating while waiting to choose another time for the offering.
