The maker of Zuckerberg's "favorite" smart rings has postponed its IPO due to "uncertainty"

Oura, a manufacturer of smart rings, has postponed its initial public offering, which was scheduled for September 30, due to “uncertainty in the IPO market.” The company made this decision despite strong demand for its shares, according to its statement.

“We are committed to delivering an exceptional IPO in the best interests of our employees and investors, and we have the privilege of choosing the right moment. In the meantime, we will continue to pursue the opportunities that arise,” said Oura CEO Tom Hale (his comments are quoted in the press release).

Oura stated that it remains profitable and is growing steadily: following the release of the Oura Ring 5, the number of paying subscribers reached 5.7 million, and revenue is expected to increase by 90% year-over-year for fiscal year 2026.

Oura planned to offer 13.5 million shares in its IPO, while its shareholders intended to sell an additional 36.5 million shares. The company set a price range of $40 to $44; if priced at the upper end of the range, the offering would have raised $2.2 billion. Oura’s IPO generated intense excitement and attracted roughly four times as many subscriptions as the number of shares offered, Bloomberg reported on September 25, citing its sources.

Oura’s IPO was set to be the first since July to raise more than $1 billion. Oura has become the largest and best-known company to postpone its U.S. public offering in recent times, according to Bloomberg. This trend has caused concern in the market, which is awaiting the debut of the AI company Anthropic. In September, Holtec Nuclear, a nuclear energy services company, and the insurance firm Bamboo Insurance also postponed their IPOs due to market conditions.

A slowdown in the small-cap IPO segment will give other potential listing candidates cause for concern, Bloomberg reported following the cancellation of Bamboo’s offering. Asset owners, including private equity funds, will need to assess whether the wave of postponed deals means it is becoming increasingly difficult to achieve the expected valuation, the agency noted. According to Bloomberg’s calculations, of the more than two dozen companies that have publicly filed documents since early July with the support of major investment banks, only nine have been able to complete an IPO.

Oura was founded in the Finnish city of Oulu in 2013. The company is now headquartered in San Francisco, while its European headquarters remains in Oulu. Oura’s smart ring is a favorite wearable gadget among many top executives, including Mark Zuckerberg, Fortune reported in 2024. Kim Kardashian, Gwyneth Paltrow, and Prince Harry have also been seen wearing these rings.

Smart rings have carved out a niche for themselves between traditional fitness trackers and smartwatches, Reuters notes. They have responded to the growing interest in health analytics by offering a more convenient alternative: a compact, screenless gadget that lasts longer on a single charge and tracks your health 24/7.

The latest model of smart rings, unveiled in June, costs between $400 and $500 and is considered the most compact on the market, according to Barron’s. But Oura’s business isn’t limited to just manufacturing and selling devices. The company is developing a subscription model, AI-powered features, and health data analytics services.

Oura’s capabilities aren’t limited to medicine. “Can you imagine if the ring replaced your wallet and keys?” CEO Tom Hale said earlier. “After all, it’s always on your finger: you can use it to pay for purchases or unlock your computer.”

This article was AI-translated and verified by a human editor