Smart ring maker Oura said on Tuesday that it would hold off on plans to take the company public just a week after filing its regulatory intention for a stock sale aimed at pulling in $2.2 billion.
In a statement, CEO Tom Hale confirmed that the company would pause its IPO during an uncertain time in the market.
“Our mission is to empower people to live healthier, longer, and an IPO is just one step in our journey,” Hale said. “We aim to deliver an extraordinary IPO for our employees and investors and we have the luxury of choosing our moment. In the meantime, we will execute against the opportunities ahead.”
Oura turned heads in the fitness technology world days earlier after revealing in its filing with the U.S. Securities and Exchange Commission that it looked to sell 50 million shares for between $40 and $44.
According to the company, the tally would consist of 13.5 million of its own shares and 36.5 million shares offered up by some of its existing stockholders. Those selling shares also planned to grant underwriters a 30-day option to access an additional 7.5 million shares of common stock at the IPO opening price.
Meanwhile, the brand would have been listed as OURA on the Nasdaq and based on the amount of shares set to go up for sale, the company would be valued at a $13.48 billion market cap.
Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company and Jefferies are acting as joint lead book-running managers for the offering, once it resumes, with BofA Securities, Barclays and Wells Fargo Securities teaming as joint book-running managers.
Citizens Capital Markets, KeyBanc Capital Markets and Guggenheim Securities are also acting as book-running managers, while Canaccord Genuity, Needham & Company, Raymond James, Rothschild & Co, Truist Securities and William Blair are acting as additional book-running managers and Robinhood is acting as a co-manager.
In early September, Oura declared its IPO plans with the SEC after declaring a confidential intention to go public in May.
According to the filing, Oura saw $1.2 billion in revenue in the nine months ending on June 30, marking a major 74 percent boost over the same point last year when the company posted $697 million in sales and subscription-related revenue.
But even with uncertain market conditions, Oura is still thriving.
The company said on Tuesday that it remains profitable, growing and has surged since the IPO process began. Its latest release, the Oura Ring 5, debuted in May.
Sales of the new fitness smart ring has pulled the number of paid members to 5.7 million and Oura expects revenue to grow 90 percent year over year for the fiscal year 2026.
