IPO Deferrals Accelerate in Q3, Even Beyond Oura

Biometric ring maker Oura raised eyebrows on Wall Street on Tuesday when it postponed its IPO due to “uncertainty” in market conditions, while saying there was “strong demand” for its shares.

IPO delays accelerated in 2026, even as Oura faced company-specific pushback from the Street. Market conditions for new offerings are suddenly becoming a hurdle for companies considering going public now, largely because of rising bond yields, analysts say.

“The fact that we’ve had three or four in a row — a series of postponements — I think that tells you something about the market,” Matthew Kennedy, senior strategist at IPO specialist Renaissance Capital, told CNBC. “You can’t really point to all four of them and say they’re company-specific issues.”

Four companies in different industries, all aiming to raise at least $50 million, announced postponements or canceled their IPOs altogether last week, according to data from Renaissance Capital. That’s seven in the third quarter, compared to four in the second quarter and three in the first.

Before Oura’s postponement on Tuesday, nuclear power components maker Holtec Nuclear withdrew its IPO last Friday; materials company Amaero postponed its IPO last Wednesday; and Bamboo Insurance postponed its September 22 IPO.

“I have some sympathy for market conditions as a justification,” said Jay Ritter, director of the IPO initiative at the University of Florida’s Warrington College of Business. “The fact that three major companies are doing this indicates that this is not company-specific.”

Strong IPO year

It was a strong year for IPOs, with about $146.9 billion in proceeds from 110 deals, excluding special purpose acquisition companies, according to data from Renaissance Capital. These figures include mega deals from EspaceX and South Korean souvenir maker SK Hynix in the second trimester.

Still, this represents a 30% drop compared to the same period last year. Over the course of 2025, there have been 202 IPOs, the most since 2021, when there were nearly 400. Total proceeds are up 394% this year, largely driven by SpaceX, SK Hynix and Cerebral offerings.

Healthcare and industrials are tied for the top sectors to launch IPOs year-to-date, both accounting for 24% of the total. Technology comes third, with 18% of the total.

So far this year, 59% of all 2026 deals are selling at or above the introductory price, although SpaceX, SK Hynix and Cerebras are all lagging behind.

Macroeconomic headwinds

Lately, macroeconomic factors and concerns about the development of artificial intelligence are weighing on the market for new offerings.

“IPO activity was lower than expected in the third quarter of 2026 as renewed concerns over AI spending, a 19-year high in bond yields and the resumption of rate hikes weighed on the fall recovery,” Renaissance analysts wrote in a report to clients last week.

THE Renaissance IPO ETF peaked in June of this year with the SpaceX launch.

“There’s still a lot of excitement around AI-related projects, including building large infrastructure. Things like data centers, there’s a lot of demand there, but it’s largely a commodity sector,” Ritter said.

Analysts said Oura, whose business is focused on its biometric ring product, was likely facing problems of its own.

“I would draw a line (around) Platoon, GoProFitBit and Oura. Investors have been hit very hard by restricted consumer products, and that’s the reaction Oura is getting,” said Gil Luria, head of technology research at DA Davidson. “I don’t think it has to do with technology or technology allocation, I think it has to do with a restricted consumer product.”

Companies themselves also have more alternatives than in the past for raising capital in private markets rather than public markets, public markets lawyers said.

“The scale of private capital and alternatives is now enormous, and much more complex and diverse,” said Ian Schuman, chair of the capital markets and public company representation practice at Latham and Watkins. “You don’t necessarily, absolutely need to go to public procurement if you’re not getting the value you want.”

– Gina Francolla contributed reporting.