Oura pulls $15bn stock market listing days after announcement

Oura, the creator of smart health-tracking rings, has abandoned its plan to list shares on the US stock market, a move it announced just days after initially announcing the IPO. The decision to postpone the flotation came as the firm faced uncertainty in the Initial Public Offering (IPO) market. Oura filed documents last week, saying it aimed to raise up to $2.2bn through the sale, but did not disclose when it might proceed.

The tech company, founded in Finland in 2013 and headquartered in San Francisco, is among several businesses recently delaying their public listings, indicating the IPO market is becoming more difficult. Oura's CEO, Tom Hale, stated that an IPO is just one step in their journey and expressed the company's flexibility in choosing the right moment.

Earlier this month, US nuclear technology firm Holtec International also postponed its listing, citing rising energy costs, military conflicts, global trade tensions, and inflation concerns as factors affecting investor confidence. The yield on US 10-year debt, which hit a 13-year high this week, further indicates a challenging market environment.

Samuel Kerr, global head of equity capital markets at Mergermarket, commented that the IPO landscape has notably changed. In its most recent fiscal year ending September 30, 2025, Oura reported pre-tax profits of $23.5m on $907.8m in sales, compared to $6.2m profit on $816.5m sales in the prior year. The company's latest nine-month figures, up to June 30, show $70m pre-tax income on $1.2bn in sales.

Oura's rings, priced at over $300, track health metrics like heart rate and sleep patterns, which are analyzed and displayed on an app. Despite facing a class-action lawsuit alleging false advertising for its sleep tracking accuracy, Oura maintains confidence in its science and research, stating it stands behind its claims.