Oura, the smart ring manufacturer, has announced the postponement of its initial public offering (IPO) in the U.S., which was expected to raise as much as $2.2 billion. The decision comes amidst what the company described as “market uncertainty,” despite strong investor interest that saw the offering become four times oversubscribed. This move contrasts sharply with earlier indications of a successful IPO, which was anticipated to price on September 29, 2026, and list on the Nasdaq Global Select Market under the ticker OURA.
The company and its backers had planned to offer 50 million shares at a price range of $40 to $44 per share, with 13.5 million shares coming from the company and 36.5 million from existing shareholders. This would have valued Oura at an implied market capitalization of approximately $14.1 billion, or $15 billion on a fully diluted basis. The postponement is a notable turn of events, as Oura had been considered a standout in the IPO market, particularly after several other companies like Holtec Nuclear and Bamboo Insurance pulled their offerings, and Anthropic shifted its roadshow.
Oura’s financial performance had shown significant growth, with revenue reaching $1.21 billion for the nine months ended June 30, 2026, a substantial increase from $697.6 million in the same period of 2025. The company also reported a net income of $60.8 million during this period, compared to a net income of $1.6 million a year prior. It had also increased its reported paid members to 5.7 million as of the end of the 2026 fiscal year, a 96% year-over-year growth. Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co., Allen & Co., and Jefferies Financial Group Inc. were slated to be the lead underwriters for the deal.
