Oura puts $2.2 billion IPO on hold as US listing market turns uncertain

Health and fitness ring-maker Oura Inc. has put its planned initial public offering on hold due to uncertainty in the US market for first-time listings. The wearable technology company had aimed to raise up to $2.2 billion through a Nasdaq listing. The offering attracted strong interest, with orders reportedly exceeding four times the number of shares available.

Oura CEO Tom Hale expressed his intention to deliver an exceptional IPO, but the company and its shareholders decided to delay the listing. The postponement comes as the US IPO market faces challenges, with other companies like Holtec Nuclear Corp. and Bamboo Insurance Services Inc. also postponing their listings for similar reasons.

Oura had planned to offer 50 million shares at $40 to $44 per share, with 13.5 million shares being sold by the company itself and 36.5 million shares owned by existing investors like Forerunner Ventures and Lifeline Ventures. If the offering had proceeded, Oura's market capitalisation would have been around $14.1 billion, and its fully diluted valuation would have been approximately $15 billion. The company had not set a new date for the IPO.