Smart ring maker Oura delays US IPO as fall market jitters deepen

NEW YORK – Oura has delayed its US initial public offering, the smart ring maker said on Sept 29, citing market uncertainty and denting hopes for a pickup in the traditionally strong fall listings window.

The US IPO market has hit a bump after a strong start to the year, as investors grapple with concerns that the AI trade has run its course, the Federal Reserve’s interest-rate hike and geopolitical turmoil.

The consumer technology company and some of its existing investors had marketed 50 million shares in the offering priced in an indicated range of US$40 (S$51) to US$44 apiece.

At the top of the indicated range, Oura would have raised US$2.2 billion at a fully diluted valuation of US$15.62 billion.

The company, founded more than a decade ago in Finland, reached a valuation of about US$11 billion in a late-stage funding round in 2025.

IPOs typically require stable investor appetite and supportive market conditions for companies to achieve their desired valuations.

Timing the market

The offering would have been the first sizable fall market US IPO since the traditional summer lull, with analysts viewing Oura’s debut as a key test of investor appetite for high-growth companies.

Earlier in September, nuclear services company Holtec suspended its planned US IPO amid increased scrutiny of vast capital being deployed in sectors related to ‌AI.

“We aim to deliver an extraordinary IPO for our employees and investors and we have the luxury of choosing our moment. In the meantime, we will execute against the opportunities ahead,” Oura chief executive Tom Hale said in a statement.

The company said it was profitable and forecast revenue to jump 90% in fiscal 2026 from a year earlier.

Oura has helped popularise smart rings, which track metrics such as heart health, activity and sleep.

It added that the response to the launch of its flagship Oura Ring 5 has been “exceptionally strong”, bringing the number of paid members on its platform to 5.7 million.

Smart rings are carving out a niche between traditional fitness trackers and smartwatches, offering personalised health insights in a smaller, screen-free form that can be worn around the clock and typically has longer battery life. REUTERS