A cloud of uncertainty looms over the US IPO market, smart ring manufacturer Oura (OURA.US) joins the delay in listing

Zhitong Finance App learned that smart ring manufacturer Oura (OURA.US) has become the latest company to postpone its initial public offering (IPO) in the US due to market uncertainty. The wearable tech startup and its shareholders had planned to raise up to $2.2 billion in the Nasdaq IPO. Earlier, it was reported that its IPO had been oversubscribed by about 4 times.

Oura is the most high-profile company to date to delay its listing in the US. This trend has made the market cautious about Anthropic PBC's listing plan. The AI giant is sprinting to an IPO valuation of 2 trillion US dollars, which is expected to become the largest IPO in global history. Nuclear power service company Holtec Nuclear (HNUC.US) and Bamboo Insurance Services (BMB.US), supported by CVC Capital Partners, have also recently postponed their IPOs due to market conditions.

Oura's IPO was originally scheduled to be priced on Tuesday, when the company and shareholders, including Forerunner Ventures and Lifeline Ventures, will issue shares.

CEO Tom Hale said in a statement: “Our goal is to bring our employees and investors an extraordinary IPO, and we spare no effort to choose when to go public.”

Oura said that since the start of the IPO process, the company's business has been further strengthened.

According to the IPO terms announced by Oura last week, the company plans to issue 50 million shares, of which 73% are old shares, with an issue price range of 40 to 44 US dollars per share. Cornerstone investors Eli Lilly and Dragoneer Investment Group have indicated that they intend to subscribe for US$400 million, accounting for 19% of this offering.

According to reports, Oura's products include a finger-worn sensor ring that can track sleep, activity, stress, heart health, and women's health, and is equipped with an application that converts sensor readings into more than 50 indicators and AI-generated health recommendations. In the first nine months of fiscal year 2026, hardware accounted for 80% of revenue, and the remaining 20% came from recurring membership subscriptions. Users can unlock a full set of health insights after subscribing.

Oura sells products through direct sales and around 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 in 56 markets around the world, a year-on-year increase of 100%, and the 12-month paid membership retention rate was about 85%.