Oura pulls $15bn stock market listing days after announcement

Oura has decided to postpone its plan to list its shares on the US stock market, just days after announcing the IPO. The company, which makes smart rings that track users' health, would have valued the firm at $15 billion if the flotation had gone ahead. Oura filed documents last week to raise up to $2.2 billion by offering shares to investors, but the delay comes as the IPO market continues to become more challenging.

The tech firm's CEO Tom Hale stated that an IPO is just one step in the company's journey and that they have the luxury of choosing their moment. Other companies, including US nuclear technology firm Holtec International, have also postponed their listings due to concerns about investor confidence. The yield on US debt repayable in 10 years has reached the highest level since 2007, which has led to central banks raising benchmark interest rates.

Samuel Kerr, a global head of equity capital markets, said that the IPO market is now in a different state than what was expected just a few weeks ago. Oura reported a $23.5 million pre-tax profit in its last full financial year, ending September 2025, on sales of $907.8 million. In the previous year, the company made a $6.2 million pre-tax profit on sales of $907.8 million.

The company's most recent figures for the nine months to June this year show a $70 million pre-tax income on sales of $1.2 billion. Oura, founded in Finland in 2013, has its headquarters in San Francisco and produces smart rings that cost over $300. These rings monitor vital signs such as heart rate and sleep patterns, which are analyzed and displayed on an app.

The company is currently involved in a class action lawsuit that accuses it of false advertising, claiming that the rings cannot accurately track sleep activity and patterns. Oura has stated that it stands behind its science, research, and accuracy claims.