Oura Pulls $15bn US Stock Market Listing Plan

Oura has shelved its plans to launch an initial public offering on the US stock market in a surprise move that would have valued the tech firm at $15 billion, or approximately £11.3 billion. The decision comes just over a week after the wearable tech company filed official documents aiming to raise up to $2.2 billion by offering shares to public investors.

The smart ring manufacturer is now the latest enterprise to postpone its public market debut, as market experts note that the IPO landscape is growing increasingly difficult. Earlier this month, US nuclear technology firm Holtec International also delayed its stock flotation, pointing to an unusual confluence of market headwinds.

Stock photo for illustration only, not from the actual event

Market headwinds cited by firms include rising energy costs, ongoing military conflicts, global trade tensions, and mounting inflation concerns that have forced central banks like the US Federal Reserve to push benchmark interest rates higher. Compounding the pressure, the yield on 10-year US Treasury debt recently reached its highest level since 2007.

"What is now clear is we are in a very different IPO market to the one we envisaged just a few weeks ago."

Samuel Kerr, Mergermarket

Samuel Kerr, global head of equity capital markets at Mergermarket, noted that the current environment contrasts sharply with projections made only weeks prior. Oura had intended to price its shares between $40 and $44 each on the Nasdaq index. For its full financial year ending September 30, 2025, the company posted a pre-tax profit of $23.5 million on $907.8 million in sales, up from a $6.2 million pre-tax profit the previous year. Recent figures for the nine months ending June 30 showed $70 million in pre-tax income on $1.2 billion in sales.