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Oura Inc. chief executive officer Tom Hale has pulled the smart-ring maker's $2.2 billion Nasdaq listing days before it was due to price, putting a $1.2 billion payday for its biggest venture backer on hold even though investors had ordered about four times the shares on offer.
The company said Tuesday it had postponed the initial public offering because of uncertainty in the market for new listings. Oura had planned to sell 50 million shares at $40 to $44 each, which would have valued it at as much as $15.62 billion on a fully diluted basis.
"We aim to deliver an extraordinary IPO for our employees and investors and we have the luxury of choosing our moment," Hale said in a statement.
Most of the money was never going to Oura. Existing shareholders were offering 36.5 million of the 50 million shares, while the company was selling 13.5 million. At the $42 midpoint, that would have raised about $567 million for Oura and roughly $1.5 billion for the sellers.
The largest seller was Forerunner Ventures, which planned to sell its entire 9.3% stake, about 28.7 million shares worth roughly $1.2 billion at the midpoint. That split helps explain Hale's confidence. Oura said it remains profitable, and it held about $372 million in cash at the end of June.
The Finnish-founded company, now based in San Francisco, expects 5.7 million paying members following the launch of its Oura Ring 5 and forecasts revenue growth of 90% for fiscal 2026. Its membership revenue has roughly doubled from a year earlier.
The IPO price range would also have marked a sharp step up from its private valuations. Oura was valued at $5.2 billion in December 2024 and $11 billion in October 2025, and it has raised about $2.06 billion to date.
Oura is the latest company to shelve a US listing this fall as investors weigh a Federal Reserve rate hike, geopolitical turmoil and swings in artificial intelligence stocks. Bankers are also bracing for a wave of mega listings, including a planned Nasdaq debut by AI developer Anthropic after the US midterm elections.
The company did not give a new date for the offering. Its registration statement with the Securities and Exchange Commission has been filed but has not yet become effective.
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