Finnish-founded smart ring maker Oura has postponed its planned Nasdaq listing, citing uncertainty in the US initial public offering market despite strong demand from investors.
The company announced the decision on Tuesday as rising bond yields and interest rates put pressure on the US market for new listings.
Oura said its business had strengthened since it began the IPO process.
The company expects revenue to increase 90 per cent year on year in the 2026 financial year, while the number of paid members has reached 5.7 million following the launch of Oura Ring 5.
Oura had reached the final stages of the listing process. Helsingin Sanomat reported that the company had expected to set the final IPO price on Monday, with trading scheduled to begin on Wednesday.
Bloomberg reported last week that orders for the offering had reached about four times the number of shares available.
Oura had sought proceeds of up to $2.2 billion from the offering, with an indicated share price range of $40 to $44, HS reported.
The listing was intended mainly to provide an exit for some existing shareholders rather than raise new capital for the company’s expansion, according to the newspaper. Finnish venture capital firm Lifeline Ventures planned to sell between one-third and one-half of its Oura holding as part of the transaction.
Oura has not announced a new timetable for the IPO.
“Our mission is to empower people to live healthier, longer, and an IPO is just one step in our journey,” chief executive Tom Hale said in the company’s statement.
“We aim to deliver an extraordinary IPO for our employees and investors and we have the luxury of choosing our moment,” he said.
Oura joins other companies that have delayed US listings in September. Reuters said a growing number of prospective issuers have pulled back as higher interest rates and bond yields affect financial markets.
According to Bloomberg data, only nine of more than 20 companies that had filed public listing documents since the start of July had completed their IPOs.
Oura said it remains profitable and continues to grow. The company has filed its registration statement with the US Securities and Exchange Commission, but the filing has not yet become effective.
Founded in Finland in 2013, Oura produces a wearable ring that tracks sleep, activity and other health measurements. The company has its headquarters in San Francisco and its European headquarters in Oulu.
HT
