The profitable smart-ring maker said demand was strong and the market was not. The delay pushes back an exit for investors who valued it at $11 billion last year.
Oura was supposed to price its initial public offering on Tuesday night and start trading on the Nasdaq on Wednesday. On Tuesday morning, it called the deal off for now.
The maker of the Oura Ring said it was postponing the listing "despite strong demand, due to uncertainty in the IPO market." The offering was set at 50 million shares at $40 to $44 each, which would have raised about $2.1 billion at the midpoint and valued the company at about $13.5 billion.
"We aim to deliver an extraordinary IPO for our employees and investors and we have the luxury of choosing our moment," said Chief Executive Tom Hale. "In the meantime, we will execute against the opportunities ahead."
Who was selling
The share split explains who is waiting. Of the 50 million shares, 36.5 million were to come from existing stockholders and 13.5 million from the company. At $42, that is about $1.53 billion for selling holders and about $570 million of new money for Oura. Roughly 73% of the deal was a sale by existing stockholders rather than a capital raise.
That puts exit timing at the center of the postponement. Oura has already turned profitable, earning $60.8 million in the nine months through June 30, up from $1.6 million a year earlier, on revenue of $1.21 billion, up 74%. It has 5.7 million paying members and said it expects revenue to grow about 90% in fiscal 2026.
The $13.5 billion midpoint was about 23% above the $11 billion valuation Oura reached in a private funding round last year.
A pattern of delays
Oura is the third notable company to put a listing on hold in recent days, after Holtec Nuclear and Bamboo Insurance. Earlier this month, Anthropic pushed its planned offering from October to November.
The delays follow a strong year for new listings, with companies raising about $127 billion through IPOs so far in 2026, up 400% from 2025. They come as investors contend with volatile oil prices tied to the war with Iran, the inflation pressure that has followed and Treasury yields at multi-decade highs.
Oura had also been lined up as the first deal on Coinbase's new platform for retail IPO allocations, which lets eligible U.S. customers request shares at the offer price.
What to watch
Oura has not given a new date. The markers other issuers are watching include the path of long-term yields, Wednesday's inflation data and how Anthropic's offering is received in November. When Oura returns, the price range against the $11 billion private mark, and whether selling holders still account for most of the shares, will show how much the delay cost its backers.