Oura delays US IPO as fall market jitters deepen

Oura, a smart ring maker founded in Finland, has postponed its U.S. initial public offering (IPO) due to market uncertainty, according to a September 29 report. The delay comes as the broader U.S. IPO market has experienced jitters following a strong start to the year, as investors grapple with concerns over the AI trade, Federal Reserve interest-rate hikes, and geopolitical turmoil.

Oura planned to sell 50 million shares priced between $40 and $44 each, potentially raising $2.2 billion at a fully diluted valuation of $15.62 billion. The company, which reached a $11 billion valuation in a late-stage funding round last year, aimed to capitalize on the traditionally strong fall listings window. However, market conditions and higher interest rates are making investors more selective, particularly regarding growth valuations.

Despite the delay, analysts do not consider the IPO window to be entirely closed. Anthropic, an AI lab, is expected to lead the second half of the year for IPOs, potentially debuting after the U.S. midterm elections in November. Oura's smart rings, which track health metrics like heart health, activity, and sleep, have gained popularity, with 5.7 million paid members on the platform. The company remains profitable and forecasts a 90% revenue growth in fiscal 2026 compared to the previous year.