Oura said it was delaying plans for a public listing on Nasdaq due to uncertainty in the IPO market.
The delay comes despite “strong demand” and increased activity since the IPO process began, the company said in a statement on Tuesday.
The company, which makes a smart ring that tracks its users’ health and sleep, officially launched its IPO plans last week, on September 21.
At the time, the company planned to raise up to $2.2 billion through the sale of 50 million shares.
“Our mission is to help people live longer, healthier lives, and an IPO is just one step in our journey,” CEO Tom Hale said Tuesday.
“We aim to deliver an extraordinary IPO for our employees and investors and we have the luxury of choosing our timing,” he added. “In the meantime, we will seize the opportunities ahead.”
Oura is profitable, the company said, with revenue expected to grow 90% year over year for fiscal 2026.
Launched in 2015, Oura’s smart ring has evolved far beyond sleep tracking and now offers a variety of features focused on broader health and wellness. In recent years, the company has increasingly focused on advancing preventative health through new capabilities, AI, analytics and other features.
Oura is the latest U.S. public exchange to hope to delay its IPO in recent weeks. Holtec Nuclear withdrew its IPO earlier this month citing unfavorable stock market sentiment.
Holtec said uncertainty over the data development has compounded “pre-existing headwinds, including rising energy costs, elevated global trade tensions, ongoing military conflicts and growing inflation fears that have pushed central banks in major economies (EU, Japan and the US) to raise their benchmark rates.”
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