Oura postpones planned Nasdaq IPO amid market uncertainty

Oura has postponed its planned Nasdaq initial public offering, saying uncertainty in the IPO market led it to delay a listing that had been expected to raise as much as $2.2 billion and value the smart-ring maker at about $15 billion. The company did not announce a new date for the offering. Chief Executive Tom Hale said Oura had the flexibility to choose when to go public and would continue pursuing its business plans. The company said it postponed the listing despite strong demand, but did not provide further details about market conditions or explain when it might reconsider the IPO. Oura and some existing investors had marketed shares at an indicated price of $40 to $44 each. Accounts of the proposed share sale differ: several describe an offering of 50 million shares, while one filing-based account reports 55 million. The supplied information does not resolve the discrepancy. At the midpoint of the indicated price range, the company’s valuation was expected to be about $15 billion; estimates of the potential proceeds varied with the reported offering terms.