Oura pauses its IPO timetable

Oura's IPO was delayed just days after the company disclosed plans to sell shares on the U.S. stock market. The smart ring maker said the reason was uncertainty in the initial public offering market, but it did not provide a new timetable.

The company had filed documents about a week earlier outlining plans to sell shares to raise up to $2.2 billion from investors. Oura had been expected to price its shares on Nasdaq in the $40-$44 range, which would have implied a market value of about $15 billion.

Oura CEO Tom Hale said the IPO was only one step in the company's journey and signaled flexibility on timing. The latest move means Oura has joined the list of companies recently putting off their listings.

Pressure is building in the IPO market

Market experts say conditions for new share offerings have become more difficult in recent weeks. In particular, the U.S. 10-year Treasury yield reaching its highest level since 2007 this week is among the factors dampening investor appetite for riskier new listings.

U.S.-based nuclear technology company Holtec International had already delayed its own IPO. The company cited rising energy costs, military conflicts, global trade tensions and inflation concerns among the developments undermining investor confidence.

Main factors shaping the market outlook

  • Interest-rate increases by central banks, especially the Federal Reserve (Fed)
  • Higher capital costs due to rising bond yields
  • Geopolitical risks and global trade tensions

Samuel Kerr, who leads Mergermarket's global equity capital markets unit, said the IPO market now looks very different from what had been expected a few weeks ago. That environment is forcing even profitable companies or those with strong growth potential to rethink their listing schedules.

Company finances and lawsuit overhang

Founded in Finland in 2013 and now headquartered in San Francisco, Oura makes smart rings priced above $300 that track data such as users' heart rate and sleep patterns. In its latest full fiscal year ended Sept. 30, 2025, the company posted pre-tax profit of $23.5 million on revenue of $907.8 million, compared with pre-tax profit of $6.2 million a year earlier.

Data from the company's latest nine-month period, ended June 30, also pointed to growth. Oura reported pre-tax income of $70 million on $1.2 billion in sales.

Meanwhile, the company is also facing a class-action lawsuit over claims that its rings accurately track sleep activity. Oura said in a statement that it stands behind its scientific research and accuracy claims.