Oura raises $1.5 billion in IPO days after filing plans

KUALA LUMPUR, 30 SEPTEMBER 2026 —

The Finnish-founded wearable technology company Oura has abruptly withdrawn its plan to list shares on the US stock market, a decision that cancels a flotation which would have valued the firm at $15 billion.

By postponing the listing, Oura avoids entering a market where investor confidence is being eroded by macroeconomic headwinds, including rising interest rates and geopolitical instability.

The decision to pull the listing comes at a critical juncture for the smart ring maker, which had positioned itself as a high-growth candidate in the health technology sector. Oura had filed official documents with regulators just over a week prior to the withdrawal, outlining a plan to raise up to $2.2 billion by offering shares to investors.

The company had targeted a share price range of between $40 and $44 on the Nasdaq stock market index, a valuation that implied a total market capitalization of $15 billion, or approximately £11.3 billion. This valuation placed Oura among the most valuable private technology companies seeking public entry, reflecting strong investor interest in consumer health data and wearable devices prior to the recent market shifts.

In a statement explaining the delay, Oura cited "uncertainty in the Initial Public Offering (IPO) market" as the primary reason for the postponement. The company did not specify a new timeline for when it might attempt to go public again, leaving the future of its listing in a state of limbo. This ambiguity reflects the broader hesitation among technology firms facing a volatile financial environment.

The withdrawal is part of a growing trend of businesses delaying or canceling public listings, signaling that the window for favorable IPO conditions may have closed for the time being. Experts in the financial sector have noted that the IPO market has become significantly more challenging, with fewer opportunities for companies to achieve their desired valuations without substantial risk.

Tom Hale, the chief executive of Oura, addressed the decision by framing it as a strategic choice rather than a failure. He stated, "an IPO is just one step in our journey," and added, "we have the luxury of choosing our moment." This comment suggests that Oura believes it can afford to wait for more favorable market conditions, leveraging its strong financial position and cash flow to remain private for a longer period.

The CEO’s remarks highlight the company’s confidence in its long-term business model, even as it navigates the short-term turbulence of the public markets. By choosing to delay, Oura aims to preserve its valuation and avoid selling shares at a price that may not reflect its true potential in a depressed market.

The broader market context for Oura’s decision is characterized by a confluence of negative factors that have impaired investor confidence. Earlier this month, US nuclear technology firm Holtec International also postponed its flotation, blaming an "unusual confluence of developments that has impaired investor confidence in the market for new public offerings." Holtec specifically cited rising energy costs, military conflicts, global trade tensions, and concerns about inflation as key drivers of this uncertainty.

These macroeconomic pressures have led central banks, including the US Federal Reserve, to raise benchmark interest rates, which in turn increases the cost of borrowing and reduces the appeal of high-growth, unprofitable or low-margin technology stocks.

A key indicator of this tightening financial environment is the yield on US debt. This week, the interest rate on US debt repayable in 10 years’ time hit the highest level since 2007. Rising yields make fixed-income investments more attractive relative to equities, particularly for growth-oriented tech companies that may not yet be generating substantial profits.

This shift in investor preference has made it difficult for companies to secure the high valuations they sought during the previous period of low interest rates. The result is a market where IPOs are fewer and further between, with companies increasingly opting to remain private or seek alternative funding sources.

Samuel Kerr, global head of equity capital markets at Mergermarket, provided insight into the changing landscape, stating, "What is now clear is we are in a very different IPO market to the one we envisaged just a few weeks ago." This observation underscores the rapidity with which market conditions have shifted, catching many companies off guard.

For Oura, which had prepared for a listing in what was previously considered a favorable environment, this sudden change in sentiment forced a reevaluation of its strategy. The delay allows the company to reassess its positioning and potentially wait for a more stable period in the market, although the timing of such a period remains uncertain.

Financially, Oura has demonstrated strong growth and profitability, which supports its decision to delay the IPO. In its last full financial year, ending 30 September 2025, the company reported a pre-tax profit of $23.5 million on sales of $907.8 million. This represents a significant increase from the previous year, when the company recorded a pre-tax profit of $6.2 million.

The most recent figures, covering the nine months to 30 June this year, show pre-tax income of $70 million on sales of $1.2 billion. These numbers indicate that Oura is not only growing its revenue but also improving its bottom line, a trend that strengthens its hand in negotiations with potential investors or acquirers, should it choose to remain private.

Oura, founded in Finland in 2013, has established its global headquarters in San Francisco and has become a prominent player in the wearable technology space. The company makes smart rings, which cost upwards of $300, that monitor various health metrics such as heartbeat and sleep patterns. This data is analyzed and presented to users through a dedicated app, providing insights into their health and wellness.

The company’s focus on consumer health data has attracted a large user base, but it has also drawn scrutiny regarding the accuracy of its claims. The company’s products are marketed as tools for improving health outcomes, which has led to both widespread adoption and legal challenges.

The company is currently the subject of a class action lawsuit filed by the Clarkson Law Firm in August. The lawsuit accuses Oura of false advertising, specifically claiming that its rings can accurately track a person’s sleep activity and patterns. The plaintiffs argue that "Oura rings cannot measure one’s sleep or cycles.

That’s because sleep happens in the brain, not on one’s finger." This legal challenge raises questions about the scientific basis of the company’s marketing claims and could have implications for its reputation and future growth. However, it is understood that Oura’s decision to delay its IPO is not connected to this lawsuit, suggesting that the primary driver for the postponement is the broader market environment rather than specific legal issues.

In response to the lawsuit, a spokesperson for Oura defended the company’s scientific approach.

In a statement, the spokesperson said, "We stand behind our science, research and accuracy claims." They added, "Like other consumer sleep wearables, Oura Ring estimates sleep stages using multiple physiological signals, including heart rate, heart rate variability, movement, breathing patterns, and temperature." This response highlights the company’s reliance on a multi-signal approach to estimate sleep stages, a method common in the industry but subject to debate regarding its precision.

The company’s confidence in its technology, as expressed by both its CEO and spokesperson, suggests that it views the current market uncertainty as a temporary obstacle rather than a fundamental threat to its business model.

The withdrawal of Oura’s IPO plan serves as a bellwether for the broader technology sector, indicating that even well-capitalized and profitable companies are finding it difficult to navigate the current IPO landscape. The combination of rising interest rates, geopolitical tensions, and inflationary pressures has created a hostile environment for new public offerings, forcing companies to reconsider their timing and strategy.

For Oura, the decision to delay provides an opportunity to strengthen its financial position and address any legal or regulatory challenges before re-entering the market. The company’s strong financial performance, with pre-tax profits growing from $6.2 million to $23.5 million in a single year, provides a solid foundation for this wait-and-see approach.

As the market continues to evolve, Oura’s ability to choose its moment may prove to be a key factor in its long-term success, allowing it to capitalize on future opportunities when conditions are more favorable for a public listing.

Related: Oura