Oura shelves 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 at 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 at the mid-point of that range.

“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 IPO for our employees and investors and we have the luxury of choosing our moment. In the meantime, we will execute against the opportunities ahead,” the company’s CEO Tom Hale said in a statement.

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

The postponement of 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, was slated to sell all of its 9.3% stake in the IPO, which would have net it about $1.20 billion (assuming the shares listed at the $42 mid-point). Oura, meanwhile, intended to use most of the IPO proceeds it to pay off tax obligations related to employee share grants that would have vested at the listing.

Any shareholders looking for liquidity will also have to wait now.

Oura’s valuation has risen fast 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. Its business has also leaned increasingly into recurring revenue. Memberships carry an 89% gross margin and made up about 20% of sales in the latest period, though hardware still generates most of the 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 obligations.