Oura Hits Pause on Its IPO Just as Investor Demand Was Peaking
Oura shelved its up-to-$2.2 billion Nasdaq listing despite an order book running roughly four times oversubscribed, becoming the third company this month to delay a U.S. IPO as jittery markets rattle the fall listing calendar.
Oura Inc. has pulled back from its planned Nasdaq debut, pointing to shaky conditions in the broader IPO market even as the deal drew what the company called strong investor interest.
Deal size: Oura and selling shareholders, including Forerunner Ventures and Lifeline Ventures, had targeted as much as $2.2 billion by offering 50 million shares priced between $40 and $44, which would have put the company's valuation near $15.6 billion at the top end.
Demand before the pullback: Bloomberg reported the order book was running roughly four times oversubscribed heading into what was set to be Tuesday's pricing.
Not alone: Oura is the third company in recent days to shelve a U.S. listing, following Holtec Nuclear and Bamboo Insurance, adding to a jittery mood in new issues just as Anthropic's own expected debut draws closer.
The numbers behind the ring: Oura says its business kept strengthening even as the IPO process dragged on, calling itself "profitable" and "growing meaningfully." Nine-month revenue through June 30 climbed about 74% to $1.21 billion, and the company is guiding to roughly 90% growth for the full fiscal year.
Subscribers climbing: paid memberships hit 5.0 million by June 30, doubling from 2.5 million a year prior on the strength of the Ring 5 launch, with Oura projecting about 5.7 million paid members by fiscal year-end.
CEO Tom Hale framed the delay as a matter of timing rather than cold feet. "An IPO is just one step in our journey," he said in a statement. "We have the luxury of choosing our moment. In the meantime, we will execute against the opportunities ahead."
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