❯ Smart ring maker Oura postpones its $2.2 billion IPO and chooses to wait despite orders four times the shares on offer

Halted before pricingOura announced on September 29 that it was postponing its initial public offering, citing uncertainty in the US IPO market, and gave no new date. According to a report carried by Gulf News, it had planned to sell 50 million shares on Nasdaq at $40 to $44 each, raising up to $2.2 billion at a fully diluted valuation of about $15 billion at the top of the range, and orders came to roughly four times the shares available.

Rings, and above all subscriptionsOura was founded in Finland in 2013 and makes smart rings worn on the finger that track sleep, recovery, activity and stress. According to MedTech Dive, it runs on a subscription model with 5.7 million paying members, had revenue of $907.9 million in fiscal 2025, is profitable, and expects revenue to grow 90% in 2026. Its last private round raised more than $900 million at a valuation of about $11 billion.

Most of the shares came from insidersOf the 50 million shares in the offering, the company was issuing only 13.5 million. The other 36.5 million were being sold by existing shareholders. Holtec Nuclear and Bamboo Insurance Services also delayed listings in the same period. CEO Tom Hale said the company wants to deliver an extraordinary IPO for employees and investors and that “we have the luxury of choosing our moment.”

Public markets do not take everythingThe Information argues that Oura’s delay shows a widening divide in venture exits: large acquisitions are getting done, while public investors push back on IPO valuations and shareholder sales. If a profitable, fast-growing company has to wait, those queuing behind it will find pricing harder still.

▪ SIGNALPulling a deal that was four times oversubscribed shows the obstacle to an IPO is not whether buyers exist, but at what price and who gets to cash out first.