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

Smart ring maker Oura has postponed its up to $2.2 billion IPO indefinitely, citing “uncertainty in the IPO market.”

The company, which had filed to offer 55 million shares in a range of $40 to $44 each in the IPO, did not provide additional details. The IPO would have valued Oura at up to $15 billion in the middle of that range.

“Our mission is to enable people to live healthier, longer, and an IPO is just one step in our journey. We aim to deliver an exceptional IPO for our employees and investors and we have the luxury of choosing our moment. In the meantime, we will perform against the odds,” said the CEO of the company, Tom Hale, in a statement.

In fact, Oura seems to be doing well. The company said its latest product, the Oura Ring 5, has been well received in the market, and it now has 5.7 million paying members, up from 5 million at the end of June. The company expects total revenue to increase 90% in its 2026 financial year compared to a year earlier, when it had revenue of $907.9 million.

Postponing the IPO, however, will delay some of the company’s plans for proceeds that would have been generated from the IPO, as well as those of its shareholders.

Forerunner Ventures, an early investor in Oura, had intended to sell all of its 9.3% stake in the IPO, which would net it about $1.20 billion (assuming the shares listed at the $42 midpoint). Oura, meanwhile, intends to use most of the IPO proceeds to pay tax obligations related to employee share grants that would have been on the listing.

Any shareholder looking for liquidity will have to wait even now.

Oura’s rating has risen rapidly in recent years. Oura was valued at about $11 billion last October when it raised $900 million in a round led by Fidelity, roughly double the $5.2 billion valuation it carried less than a year earlier. His business also leaned more and more towards recurring revenue. Memberships carry an 89% gross margin and accounted for about 20% of sales in the most recent period, although hardware still generates the bulk of revenue. Oura had about $372 million in cash at the end of June, which it planned to leave untouched by using IPO proceeds to cover employee-related tax liabilities.