The digital health IPO window may be closing, at least for now. Smart ring maker and health tracking company Oura is postponing its previously announced initial public offering on Nasdaq due to "uncertainty in the IPO market," the company announced Tuesday morning.
The company said it is delaying its public listing "despite strong demand."
The company said in a press release that it is "profitable, growing meaningfully, and the business has further strengthened since beginning the IPO process."
The Oura Ring 5 launched in May, and the company says consumer response has been "exceptionally strong." Oura reported that it will end the 2026 fiscal year, which wraps September 30, with 5.7 million paid members, and annual revenue is expected to grow 90% year over year.
"Our mission is to empower people to live healthier, longer, and an IPO is just one step in our journey," said Tom Hale, CEO of ŌURA, in a statement. "We aim to deliver an extraordinary IPO for our employees and investors and we have the luxury of choosing our moment. In the meantime, we will execute against the opportunities ahead."
A registration statement on form S-1 relating to the proposed offering of securities was filed with the U.S. Securities and Exchange Commission but has not yet been declared effective, according to the company.
Oura and its backers aimed to raise $2.2 billion in a U.S. IPO by offering 50 million shares priced at $40 to $44 per share.
The offering consists of 13,500,000 shares offered by Oura and 36,500,000 shares offered by certain of Oura’s existing stockholders, the company said in a press release on Sept. 22. Oura said it will not receive any of the proceeds from the sale of the shares being sold by the selling stockholders.
In its S-1 filing with the SEC, Oura estimated that it would receive net proceeds from the IPO offering of approximately $532.6 million, based on an assumed initial public offering price of $42.00 per share. The company said it intended to use approximately $526.4 million of the net proceeds from the offering to satisfy its anticipated tax withholding and remittance obligations.
At the midpoint of the IPO price range, at $42 per share, Oura's shareholders would net about $1.53 billion.
Founded in Finland in 2013, Oura's smart rings continuously track more than 50 health metrics, including heart rate, sleep, daily movement and activity, stress, fertility windows and metabolic health. The company's ambitions extend beyond wearable devices as it aims to build an artificial intelligence-powered health platform, according to its S-1 filing.
There has been a lull in digital health IPOs since Omada Health and Hinge Health went public in mid 2025. In the diagnostics market, blood-based early cancer detection company Freenome went public in July through a business combination with the special purpose acquisition company (SPAC) Perceptive Capital Solutions Corp. The company raised about $300 million.