Oura shelves $2.2B IPO, citing market 'uncertainty'

The company had filed to offer 55 million shares at a range of $40 to $44 each, an IPO that would have valued Oura at up to $15 billion at the midpoint of that range. It did not provide additional details on the postponement.

“Our mission is to empower people to live healthier, longer, and an IPO is just one step in our journey. 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 CEO Tom Hale said in a statement.

Oura’s underlying business appears to be performing well. The company said its latest product, the Oura Ring 5, has been received well in the market, and it now has 5.7 million paying members, up from 5 million at the end of June. Oura expects overall revenue to increase 90% in its 2026 financial year compared with the prior year, when it had revenue of $907.9 million.

The postponement will delay some of the company’s plans for proceeds that would have come from the IPO, as well as those of its shareholders. Forerunner Ventures, an early investor in Oura, was slated to sell its entire 9.3% stake in the IPO, which would have netted it about $1.20 billion, assuming the shares listed at the $42 midpoint. Oura, meanwhile, had intended to use most of the IPO proceeds to pay off tax obligations tied to employee share grants that would have vested at the listing. Any shareholders looking for liquidity will also have to wait.

Oura’s valuation has risen fast in recent years. The company was valued at about $11 billion last October, when it raised $900 million in a round led by Fidelity — roughly double the $5.2 billion valuation it carried less than a year earlier. Its business has also leaned increasingly into recurring revenue: memberships carry an 89% gross margin and made up about 20% of sales in the latest period, though hardware still generates most of the revenue. Oura had about $372 million in cash at the end of June, which it had planned to leave untouched by using IPO proceeds to cover the employee-related tax obligations instead.

Why it matters

A profitable, fast-growing consumer hardware company shelving a fully priced IPO over broad market “uncertainty,” rather than its own numbers, is a signal that even strong private companies are choosing to wait out the public markets right now.