Oura is putting its stock market debut on hold, saying the current IPO backdrop is too unsettled. The company said the decision comes even as it sees "strong demand," and noted its business has become stronger since it began the listing process.
On Sept. 21, Oura formally launched plans to list on the Nasdaq, targeting up to $2.2 billion in proceeds from the sale of 50 million shares. The maker of the health and sleep tracking smart ring says it is profitable, and it projects fiscal 2026 revenue will grow 90% from the prior year. Founded in 2015, Oura has expanded beyond sleep metrics into broader wellness, with increasing emphasis on preventative health through added capabilities, AI and analytics.
Oura joins a recent list of U.S. companies pausing IPOs. Earlier this month, Holtec Nuclear withdrew its offering, citing adverse sentiment in equity markets. Holtec also said uncertainty over data development added to "pre-existing headwinds, including rising energy costs, elevated global trade tensions, ongoing military conflicts, and mounting inflation fears that have driven the central banks of major economies (EU, Japan and US) to raise their benchmark rates." Speaking to CNBC, Samuel Kerr of Mergermarket, who serves as global head of ECM, said Oura's decision underscores "challenges facing issuers in an increasingly turbulent market," adding that "rising sovereign debt yields are spooking investors and causing some to ask for far wider discounts to offset any pressure on future earnings from rising WACC [weighted average cost of capital]."
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"Our mission is to empower people to live healthier, longer, and an IPO is just one step in our journey," CEO Tom Hale said on Tuesday. "We aim to deliver an extraordinary IPO for our employees and investors and we have the luxury of choosing our moment," he added. "In the meantime, we will execute against the opportunities ahead." Translation for your wallet: listing windows can open and shut quickly when rates and risk appetite swing, and even solid, growing companies may choose to wait.
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