Smart ring maker Oura puts off initial public offering due to market ‘uncertainty’

Researchers say the IPO market was off to a solid start but tailed off in the third quarter

Smart ring maker Oura Inc says it is postponing a planned initial public offering due to market “uncertainty”.

In a Tuesday press release, Oura said it is delaying the stock market float “despite strong demand”.

The IPO market had a solid start to the year but tailed off in the third quarter, according to research firm Renaissance Capital. Concerns about a possible slowdown in spending on artificial intelligence, the Federal Reserve’s resumption of rate hikes and a surge in bond yields, making borrowing more expensive, all played a factor, Renaissance said.

The company approached the IPO with momentum: the introduction of the Oura Ring 5 helped boost the number of paid members to 5.7 million and the company expects revenue for the fiscal year ending on Wednesday to have grown by 90%.

Oura had planned to sell 50m shares in the IPO between $40 and $44, with nearly three-quarters of them being sold by current shareholders. At the midpoint of the price range, Oura’s IPO would have given it a market value of $13.5bn.