Uncertainty Clouds the U.S. IPO Market as Smart Ring Maker Oura (OURA.US) Joins the Ranks of Delayed Listings

Smart ring maker Oura (OURA.US) has become the latest company to postpone its U.S. initial public offering (IPO) due to market uncertainty. The wearable technology startup and its shareholders had originally planned to raise up to $2.2 billion in a Nasdaq IPO. It was previously reported that its IPO had received approximately 4x oversubscription. Oura is the most high-profile company to date to postpone a U.S. listing. This trend has made the market cautious about Anthropic PBC's listing plans, as the AI giant is sprinting toward a $2 trillion IPO valuation and is expected to become the largest IPO in global history. Nuclear power services company Holtec Nuclear (HNUC.US) and Bamboo Insurance Services (BMB.US), backed by CVC Capital Partners, also recently postponed their IPOs, citing market conditions. Oura's IPO had been scheduled to price on Tuesday, at which point the company and shareholders including Forerunner Ventures and Lifeline Ventures would both issue shares. CEO Tom Hale said in a statement: "Our goal is to deliver an exceptional IPO for our employees and investors, and we have the luxury of choosing the timing of our listing." Oura said its business has further strengthened since the IPO process began. According to the IPO terms Oura announced last week, the company plans to offer 50 million shares, 73% of which are existing shares, at a price range of $40 to $44 per share. Cornerstone investors Eli Lilly and Dragoneer Investment Group have indicated they intend to subscribe for $400 million, accounting for 19% of the offering size. It is understood that Oura's products include a finger-worn sensor ring that can track sleep, activity, stress, heart health and women's health, along with a companion app that translates sensor readings into more than 50 metrics and AI-generated health recommendations. In the first nine months of fiscal 2026, hardware revenue accounted for 80%, with the remaining 20% coming from recurring membership subscriptions, through which users unlock the full suite of health insights. Oura sells its products through direct sales and approximately 8,400 retail outlets, and reaches more members through employers, government agencies and healthcare partners. As of June 30, 2026, the company had 5 million paid members across 56 global markets, up 100% year over year, with a 12-month paid member retention rate of approximately 85%.