Oura Delays $2.2 Billion IPO Citing Uncertainty in Market Conditions

Smart ring maker Oura has postponed its planned initial public offering, delaying a potential $2.2 billion raise as the company cites uncertainty in the IPO market.

Oura announced the postponement after previously planning to offer 55 million shares priced between $40 and $44 each. The offering would have valued the company at up to $15 billion.

Oura Reports Strong Growth Ahead of IPO Delay

CEO Tom Hale said the company views an IPO as one step in its broader growth strategy and wants to choose the right timing for employees and investors.

The company said its latest product, the Oura Ring 5, has received positive market response. Oura now has 5.7 million paying members, up from 5 million at the end of June, and expects 2026 revenue to rise significantly from the previous year.

The delayed IPO means shareholders seeking liquidity will need to wait, while some planned uses of IPO proceeds will also be postponed. Oura had planned to use most of the proceeds to cover tax obligations related to employee share grants that would vest during the listing process.

Valuation and Subscription Business Continue to Grow

Oura’s valuation has increased rapidly in recent years. The company reached an $11 billion valuation after raising $900 million last October, nearly doubling its previous valuation.

The company has also expanded its recurring revenue model through memberships, which carry high gross margins and represent a growing share of sales, although hardware remains its main revenue source.

Oura said it had about $372 million in cash at the end of June and planned to keep that reserve unchanged by using IPO proceeds for employee-related tax obligations.